Backyard Pony: 1977 Ford Mustang Cobra II

Ford hit gold with the Mustang not once but twice. First, in 1965, when they introduced the “pony car,” which set the new car market on fire. Later, in 1974, Ford reinvented the vehicle as a subcompact for better fuel mileage – just in time for the OPEC oil embargo. The latter was dubbed the Mustang II, and when you ordered it as the sportier, performance-like model, it became the Cobra II. The seller has one of these from 1977, but it’s incomplete and sitting in a spacious backyard, and he doesn’t want to mess with it. Located in Ozark, Missouri, this pony project is available here on Facebook Marketplace for $3,000.

As the public began to adjust to higher gas prices, sales of the Mustang II began to decline as the 1974-78 generation wore on. In 1977, they built 153,000 ponies, about the same number as five years earlier. Just under 12,000 of them were Cobra IIs, only offered as a fastback (aka SportsRoof). Three engine choices were sold: an inline-4, a V6, and a 302 cubic inch V8. The seller doesn’t indicate what lies under the hood of this Cobra, but it’s one of the latter two.

Details are few on this rusty example from 1977. It has an automatic transmission (floor-shifted), but there are no seats, so you couldn’t take it for a test drive even if it did run. The odometer reading is 22,222 miles, either a placeholder or the device is on its second time around. White paint with a matching interior was popular with these automobiles, but what sits here seems to have multiple issues.

The seller says he has no time to “mess with it” and wants the car gone. The title is not encumbered. If this were a 1978 King Cobra II, it might be a more worthy restoration project. Or, if you can confirm this is a V8 Mustang. Would you fork over $3,000 for this project or parts car? Thanks for the tip, Barn Finder Terry!