Although many believe there was no 2002 Cobra, there was a very small release. There were only about 100 vehicles built in total, and they were all shipped to Australia. Once in Australia they were converted to right-hand drive so they could be sold locally.
Other changes included additional set of fog lamps and side marker lamps being added to the front bumper. The car still got special Cobra 320hp, 281 cubic inch 4.6 liter, electronic fuel injected, double overhead cam, V8. Just as in 2001 the 2002 Cobra came in 8 of the standard 2001 Mustang colors (not green, silver, or white), sport seats, power equipment group, rear spoiler, polished wheels, and Cobra letters embossed on the rear bumper.