The Ford Mustang Cobra came in many forms throughout the years, with power ranging from prodigious to puny and everywhere in between. The Cobra nameplate has always been associated with collector car status, but the question as to which generation is the most collectible will take some time to answer. The 2003 Cobra seen here is one of the better packages offered, featuring an Eaton supercharger making a healthy 390 b.h.p., a number that was often said to be conservative in nature. This car has been upgraded further, which may turn some purists away, but it also has a mere 17,866 miles on the clock. Find it here on eBay where bidding is at $38,000 with no reserve.

The Fox body Cobra of 1993 tends to get much of the spotlight these days on eBay, with time-capsule examples popping up with increasing regularity. To me, it’s a bit of a flavor of the week – everyone who has been holding onto them have likely realized values aren’t going to spike dramatically any time soon, so it makes sense to get a fair price while 90s era classics are hot. To me, this later example is a far better value due to offering far better performance while still retaining the simplicity of cheap plastics and super basic interiors that made the Fox body so easy to live with.

The outside styling is conservative, but the interior is anything but. It’s not exactly attractive, either, as two-tone interiors went out of style ages ago but here was Ford in 2003 still relying on the red inserts on the seats and door panels to set the Cobra apart. Now, as mentioned, this Cobra features numerous upgrades that the seller points out pushes the dyno-proven horsepower up to just over 500 b.h.p., courtesy of modifications like a Stiegemeier Stage IV ported Eaton, long tubes, Borla exhaust, and lethal performance X-pipe with catalytic converters. Many more modification are said to be installed, but not listed in the description.

The good news is all of the tweaks appear to be well done, with professional installation likely given how tidy the Cobra is under the hood. The Mustang wears upgraded wheels and tires in the form of three-piece True Forged Mach 5 wheels, but the original Cobra-specific rollers are included. The seller notes the rear tires are “drag radials” which, of course, leads to the question as to how the Cobra was used, but with modifications like this, there’s little doubt it was hustled from time to time. That isn’t scaring bidders away, who likely appreciate the low miles and stock-looking appearance that hides some very potent performance upgrades.