03 stang

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About the only thing that will do both at the same time is an underdrive pulley.

The tuners used to be able to gain a little more power, plus get some economy that the manufacturer left on the table, but cars these days are pretty well optimized. A tuner will give you some power, but won't improve mileage and might actually decrease it (especially if you choose a premium gas tune- more timing = less mileage).

Any mod that helps you flow more air will improve power but will also use more fuel.
 
2003 stang

hey thanks for the help...i was thinking about a turbo... how much hp will the turbo add??? and would it hurt the gas millage???? and also any ideas on what turbo would be a good fit...
 
Turbo setups range from mild to wild. A basic setup will probably add 100 HP, and a full twin-turbo race setup might add 300-400.

In theory since turbos are a demand-based power adder, a turbo engine that is gently driven will get about the same mileage as the same engine NA. In reality, any aftermarket or home-cooked turbo on the 3.8 won't be optimized by the factory, so it will probably use more gas. If you actually use all that extra power that you paid for, your mileage will plummet! Keep in mind that turbo setups almost always require premium fuel for detonation control, so there's some additional cost to think about....