The seller describes this 1997 Ford Mustang SVT Cobra Convertible as being in “like new” condition. The listing images support the claim, and with only 14,000 miles on its odometer, it is hardly surprising. It comes with a large selection of documentation and Service Records, allowing potential buyers to feel confident that everything is as it seems. I must say a big thank you to Barn Finder Mitchell G. for spotting the Cobra listed here on Craigslist in Okatie, South Carolina. They set their price at $26,000 OBO for a classic that appears to need nothing.
After the success of the previous Fox-Body SVT Cobra, Ford decided to continue the practice with its successor. It initially followed the same mechanical formula as its predecessor, but this would change significantly in 1996. Our feature car rolled from the factory in 1997, with its first owner teaming Rio Red paint with a Saddle power top. Rio Red was 1-of-4 paint shades offered, and with a sales figure of 925 cars, it ranks second to the Black tally of 1,180. Finding anything to fault with this classic is impossible. The paint is original, holding a shine that is almost of mirror quality. The prone front bumper is free from marks and chips, and the panels are laser-straight. The top fits beautifully, while the trim, glass, and aerodynamic enhancements are excellent. The seller includes a second set of wheels and tires with this classic, along with a large binder of documentation and complete Service Records dating back to Day One.
While the first versions of this SVT Cobra range utilized the same engine as found in the Fox-Body variant, things changed dramatically in 1996. Ford finally pensioned off its venerable 5.0-liter V8 in favor of its new 4.6-liter DOHC “Modular” powerplant. A more modern design, it benefited from the typical level of mechanical TLC, with each Cobra engine handbuilt by a pair of specialized technicians. This attention to detail allowed the V8 to generate 305hp and 300 ft/lbs of torque. Power feeds to the rear end via a five-speed Borg Warner T-45 transmission. Unsurprisingly, the suspension and braking system also received upgrades to create a “total” package. The difference the “Modular” engine made was profound because while a ’95 SVT Cobra used its 5.0-liter to cover the ΒΌ-mile in 15.2 seconds on its way to 140mph, this car improves those figures to 14.1 seconds and 148mph. The seller claims that this Cobra has a genuine 14,000 miles on its odometer, and the comprehensive Service Records should confirm that figure. They supply no information regarding its mechanical health, but I see nothing to indicate that the news would be anything but positive.
Buyers could order their ’97 Cobra with a choice of two interior trim colors and material combinations. This car’s first owner chose Saddle leather, which was line ball with Black leather in the popularity stakes. The company wanted owners to feel like they were living life in the lap of luxury, with this car featuring air conditioning, power assistance for the windows, locks, mirrors, and seats, cruise control, and a premium stereo with an AM/FM radio/cassette/CD player. The photos confirm two things. The first is that there are no aftermarket additions. The second is that this Cobra’s interior is as impressive as its exterior. There are no wear issues or other problems, and no evidence of abuse. One dilemma the buyer won’t face is deciding how to hide any substandard items because there aren’t any.
Ford produced 3,088 examples of the SVT Cobra Convertible in 1997, with 466 buyers combining Rio Red paint with Saddle leather trim and a matching power top. The seller’s price is above the market average and sits in the middle of what Hagerty would typically quote for a vehicle between #1 and #2 standards. The fact that it has been on the market for three weeks suggests that they haven’t been inundated with serious offers, although it will only take one for it to head to a new home. Do you think it will happen at the price, or will the seller need to compromise?
I’ll admit I’ve wanted one of these Cobras since, well, since they were new. I like the more-rounded look of this generation and the Cobra’s styling and performance upgrades. But mine would have to be a triple black convertible.
This example looks to have been well-kept. It has the attractive and popular five spoke aftermarket wheels.
I wonder where the market for this generation of Mustangs, and Cobras specifically, will be headed over the next few years (perhaps, up).
Weren’t these Cobras the 1st
Mustang w independent rear suspension ?
The Cobra, starting in 1999 was the only Mustang to use IRS, until 2004. Starting in 2015 all Mustangs came with IRS.
These SN95 Mustang’s are still behind in the desirability game. I had my ’99 Cobra convertible for sale for over a year. It had 88,000 miles on it, 5 speed, a fairly rare color, Electric Green, and besides a couple stone chips on the hood, the body was perfect, no rust, and the interior was in very good condition. I was asking $15,000, then $12,000. Got some tire kickers, out of state inquiries, and no shows. Finally sold it to a dealer for $10k. Maybe with the low miles, this one may get his ask. But I doubt it.
Yeah, I’ve got a ’95 GT ragtop in the forest green with only 78K miles, last year for the old 5.0. Bone stock. I paid $2,000 for it 6 years ago needing a transmission. It’s worth maybe $5K now, but that’s still nothing. It might be worth something in 10-15 years.
Seems to me if you’re not interested in a car as an investment but to drive this generation Mustang makes great sense. I’ll be looking.
Well, isn’t this interesting. The same car except not a convertible, and a ’93 instead of a ’97, with 400 and some miles was listed yesterday for nearly 100K and I argued that you could get a comparable car with low miles for under 40K. So here you go.