It is incredible to think that, given its iconic status and decades of production, Indianapolis 500 organizers have only selected the Ford Mustang as the race’s Official Pace Car three times. That figure falls far short of the totals enjoyed by the Chevrolet Corvette and Camaro, and the last time it happened was in 1994. Ford leveraged the exposure by following industry practice and released a Pace Car Edition to celebrate the achievement, but limited production to a mere 1,000 cars. This Mustang SVT Cobra is one of those cars, and while it isn’t perfect, it is a tidy and original survivor needing a new home.

Ford created a stir with its Fox-Body Mustang SVT Cobra and decided to attempt a repeat performance with its successor. Buyers could only select a Coupe version for the regular production run, but Ford raised the stakes by releasing a Convertible in 1994. However, only 1,000 of these rolled out of the factory, and all were the Indy Pace Car Editions. Unsurprisingly, every car featured the same paint and trim combination, with Rio Red gracing the panels. The seller doesn’t represent this Cobra as something it isn’t, admitting it is a survivor with a typical collection of minor marks and chips. On the plus side, it retains a healthy shine, the decals are intact, and the soft-top is in good order. This is a dry-climate vehicle, making the lack of rust unsurprising. The glass is crystal clear, and there are no major wheel issues.

Ford’s venerable 5.0-liter V8 was becoming long in the tooth when this Cobra rolled off the line, and its replacement was waiting in the wings. Every 1994 Pace Car received the SVT-enhanced version under the hood, teamed with a five-speed manual transmission and power assistance for the steering and brakes. The company squeezed more power out of the 1994 motor, although torque dropped slightly. The driver will have 240hp and 285 ft/lbs at their disposal, but with a ¼-mile ET of 15.1 seconds, it is measurably slower than its predecessor. Reduced torque may be one factor, but the 250 lb weight gain for 1994 won’t help its cause. The seller confirms the Mustang has 89,900 miles on the clock and recently received new tires. It is in excellent mechanical health and is ready to hit the road with a new owner behind the wheel.

The originality theme continues inside this Cobra, with no evidence of aftermarket additions. However, these cars didn’t need much because they emerged from the factory with air conditioning, power windows, power locks, power mirrors, power front seats, cruise control, leather trim, and a premium stereo featuring an AM/FM radio/cassette/CD player. The seller admits the driver’s seat leather exhibits wear, and there are carpet marks. However, the seat isn’t a lost cause and may respond well to attention from a specialist. The remaining trim looks excellent for its age, and there is no evidence of worn or damaged plastic.

The seller listed this 1994 Ford Mustang SVT Cobra Indy Car Edition here on eBay in San Antonio, Texas. Interest has been moderate, with fourteen bids pushing the price to $5,620. For those viewing it as an automotive must-have, there is a BIN option of $12,500. That figure is consistent with recent sales results, although it is worth noting that values have softened slightly during the past year. It is unclear if that trend will reverse, but the price is still pretty respectable for a Mustang Convertible in any form. Does this classic tempt you, or will you sit back as an interested observer?