Cobra Mustangs of the Fox body variety have been on the rise for years, with an abundance of time-capsule examples coming out of the woodwork in recent months, some with price tags north of $50,000 depending on mileage. The later SN95 Cobra, on the other hand, has remained eminently accessible, even with low miles like this example. The 1996 Ford Mustang Cobra here on craigslist has 26,000 original miles and an asking price of $16,000, and features one of the better color combinations out there of black on black. It’s located in Augusta, Georgia.

The SN95 has been a bit of a sleeper in the Mustang family for some time now, remaining under the radar and subsequently, under-valued. The non-Cobra models, such as the standard GT, is a bargain muscle car that still feels plenty modern enough to pilot in everyday commuter traffic. Sadly, most are fairly well trashed at this point, so your better bet is seeking out a Cobra that’s been treated like a collector car but doesn’t have the high cost of entry like other investment-grade vehicles. The other wonderful thing about an SN95 Cobra like this? You barely notice this was a model breathed on by SVT, as they kept the visual tweaks to a minimum.

The black leather interior is perhaps the highlight of this example, as it remains in exemplary condition and it’s just a sharp pairing with the jet black exterior. Modifications are minor, one of the other serious highlights about this Cobra, as many owners will swing for the fences in their attempts to jack up the horsepower rating, especially since the Cobra isn’t a collector car (yet), and there’s little concern about distorting originality. This owner hasn’t gone down that path, merely adding a short-throw shifter, Ford Motorsports lowering springs, a BBK H-pipe, Flowmaster mufflers, and camber plates.

The aluminum 4.6L V8 under the Cobra’s hood was a serious step up over the long-in-the-teeth 5.0L V8. The hand-built Cobra mill featured dual overhead camshafts and produced 305 b.h.p. and 300 lb.-ft. of torque, good for a 0-60 run of under six seconds. In his care, the seller notes he replaced the following: spark plugs, fuel filter, fuel pump, air filter, battery, and PCV valve. The only other detail worth mentioning is that the Cobra doesn’t wear original paint, having been repainted its original shade some time ago. The SN95 Cobra – is it a modern-day performance car bargain, or not worth chasing?