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It should. I think the Passive Anti-theft System(PATS) was standard equipment in 2003. You can tell by looking at the handle of the key. If it is a large handle, or if is an oval shaped handle, it has PATS. If it is a small rectangular handle, it dosen't. You can also tell by looking at the dash. If it has PATS, there will be either a red light somewhere on the dash, or the word "theft" on the instrumaent panel, that will flash briefly every 3 seconds with the key off, to show that it is armed.

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Q: Does the 2003 Ford Mustang convertible ignition key have a chip?
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