Most of the time, a knocking engine would be reason enough to not read much further in a listing. Even if this was a decent SN95 Ford Mustang GT, you may still consider it a hard pass. But this 1997 model isn’t just a GT; it’s a real-deal SVT Cobra, which may have lost some of its mojo thanks to a knock in the engine but that doesn’t mean it doesn’t deserve rescuing. This strikes me as a car you could potentially buy cheap, repair, enjoy, and still be in a good place financially as it has the preferred manual gearbox and just over 100,000 miles. Would you rebuild it or is the potential for bigger headaches down the line too worrisome? Find it here on craigslist for $3,800 and located near Denver, and thanks to Barn Finds reader Pat L. for the find.
The fourth-generation Mustang is, historically, not the most loved era of the classic muscle car. It rides on the Fox platform but at this juncture, both collectors and hobbyists prefer the previous generation model. The SN95 was a careful evolution of the traditional Mustang recipe, and the SVT-enhanced Cobra continued that trend with a respectable boost in performance but certainly nothing Earth-shattering. However, this project car represents what is considered the “Modular” phase of the SN95 Cobra development, as the ancient 5.0L V8 was retired and replaced with a hand-built all-aluminum DOHC 4.7L mill that generated a healthy 305 b.h.p. and 300 lb-ft of torque. Road test editors were able to make the run to 60 in under six seconds.
The Cobra’s interior is a mixed bag. Photos aren’t great, but seeing the cheesy wrap on the steering wheel and what looks like seat covers in red and black up front doesn’t exactly give you a great sense of confidence about the decisions made by previous owners. Of course, if it was tossed down the slippery slope of third- and fourth-tier owners who care less and less about a vehicle’s provenance or mechanical health, some Autozone enhancements aren’t exactly surprising. The good news is the body condition appears to be sound and the top looks usable as-is. The seller also has a set of later chrome Cobra wheels that he will throw in for an additional $500 – and as these things usually go, you could likely negotiate for them to be thrown in if you don’t beat him up on the price.
Speaking of price, is the ask here fair for a DOHC SVT Cobra with a knocking engine? Under $4,000 seems reasonable to me, especially for a car that otherwise appears to be in decent shape with presumably no rust or hidden accident damage. But the tricky part is you don’t know how far down the rabbit hole you’re going to have to go on the engine rebuild, and what other issues you may find as a result. Spun rod bearings are not uncommon on these modular engines, and they can sometimes cause the piston to tap the head in an almost zero-deck engine like this. More exploratory work is needed, but I still think is a project worth saving. One piece of good news? There’s no sign of engine modifications like cold air intakes and other tweaks that often plague cheap muscle cars. Would you rescue this injured Cobra?
As Jeff says, this could be a diamond in the rough. I can’t speak to the economics of the needed engine work, but my opinion is that these SN95 Mustangs are poised to rise in value. With 1979-1993 Fox Body prices rising dramatically in recent years, it seems reasonable that the SN95’s will follow.
The SVT Cobra convertibles have always been favorites of mine (the triple black examples specifically). Those in good condition currently trade in the $10-20k range, more for low-mileage examples. In the big picture they aren’t very expensive for a fun, good-performing, relatively modern car.
In addition to the engine work, given the peeling clear coat and the likely upholstery wear, I’m guessing this one is “tired.” But it still might be worth the money and effort.
With the prices I have seen lately on this site, this one may be the bargain of the year! This SVT is for someone who has engine building skills that loves a challenge…great find!
Worth taking a look if you are local. You have around a $7k discount to work with to make it right. These modular engines can also make knocking sounds in worn timing, valvetrain, lifters, etc.
Maybe a rocker bearing, which a rebuild wouldn’t fix. Most likely a toasted block. Still could be a good buy though.
My search for a reasonably priced Mustang continues.sic
Rode hard, put away wet. Seems like a lot of effort/expense would be needed to get it into shape and when you’re done all you have is a 300hp car with a body style that’s never been all that popular. When you can buy a 2005-09 Stang GT for 10-15 grand, 300hp without the complication of the 32V engine and better in just about every way, it’s hard to see the financial case for one of these Cobras. Worth it to hard-core Stang fans, maybe.
My firm c. 2000’s IT guy had of these. Same color combination, maybe the same year. I wonder if he fell on hard times and got stuck in that time. He was a pretty weird dude
If there’s a reader who might be able to look at this please let me know. I’ll then share my contact info. I don’t know what happened to the BF list of volunteer inspectors…that would be the most efficient. I would need this approved by my partner in crime first, but she kinda owes me one.
I thought it was a 4.6
Surprisingly the seller is not completely unreasonable with the price easy fix and you can double your money in the spring.
Yes great deal and project, flash some cash for a better price.
Best deal I’ve seen here in a while! These were scooped up quick by collectors and Ford nuts when new. I couldn’t find one new or used, priced right. I ended up building a ’94 supercharged 5.0 vert because real ’94-98 SN95 Cobra prices were outrageous. This is probably a $30k car new in 97, ($60k in today’s money). Seems to be a complete running car for quick cash!