body styles and names

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I have an 02 and its been termed a 'late model'..... What does that mean, and how do they come up with those terms?

Thanks for the original question also, because I've seen a lot of number/letter combinations (especially the ricers in the chat rooms) and I wasn't sure what they were for.
 
Sometimes I call the 94-98 'smooth edge' or 'round edge' and the PI cars 'new edge.' You could also call the SN95's a Fox-4. That was the internal chassis designation. I have heard SN95's called lots of things. Slo-fo'six comes to mind for non-PI cars. Somebody get that license plate.....SLOFO6. Virginia DMV said I could get FUQU2. I am not registering my car here, but if I did....