Some classics lead sheltered lives, while others live in the fast lane. This 1978 Ford Mustang II King Cobra falls into the former category, recently released after spending two decades as a display piece in an automotive-themed restaurant. As such, its presentation is stunning, and the odometer reading of 44,000 original miles is unsurprising. Its overall condition earned it the Mustang Club of America Gold Award in 2015, underscoring how special this classic is. The seller has listed the King Cobra here on eBay in Peculiar, Missouri, for $69,980 OBO.
Many people have poured scorn on the poor old Mustang II, declaring it unworthy to wear the badge of its iconic predecessor. Taken at face value, that’s fair, because it never had the sheer presence or performance credentials of the legendary Mach 1 or Boss versions. However, that misses the point: while the First Generation was undoubtedly the right car at the right time, the same is true of the Mustang II. Ford based both on a humble platform, but the smaller Mustang II arrived on showroom floors when buyers wanted more efficient vehicles because of fuel shortages and the energy crisis. Ford sold 385,993 cars during the first production year, and in no subsequent year did the tally fall below the First Generation’s worst full-year performance. Our featured King Cobra rolled off the line in 1978 and is a genuine survivor that spent two decades on display on a lift in a restaurant. The climate-controlled environment has preserved its original Bright Red paint superbly, and the decals show no evidence of deterioration. The panels are straight, and there’s no rust. The first owner spent a not-insignificant $629 on the glass T-Top that is in good condition. The tinted glass is spotless, and the beautiful Lacy aluminum wheels look perfect.
Lifting the hood reveals the first owner selected the drivetrain from the top shelf: a 302ci V8, a four-speed manual transmission, power steering, and power front disc brakes. The 1970s earned the label “The Malaise Era” for a reason: this V8 produces a factory-quoted 139hp and 250 ft/lbs of torque. Calling the figures modest would be an understatement, and things wouldn’t improve much until the 1980s. That said, this classic has a lot to like. It has a genuine 44,000 miles on the odometer, and that time on a lift no doubt helped. A previous owner replaced the plug wires and belts, which may have been essential in its revival. It still rolls on Goodyear ST Radial tires, and since these are now forty-one years old, replacing them before hitting the open road would be wise. The sale includes the original Window Sticker, Owner’s Manual, a Marti Report, and a copy of a book titled “Unbridled,” which features this car.
The King Cobra’s interior is as original as the rest of the vehicle, and the only identified functional issue is the inoperative air conditioning. Trimmed in Black vinyl, the appearance is consistent with the claimed mileage. The upholstery shows no wear, and the Mustang II mats have protected the carpet. The sports tilt wheel shows no wear, and the interior also features sports gauges, a tachometer, remote exterior mirrors, cruise control, and an AM/FM radio/cassette player.
Buying a classic car is a luxury, and I always advocate doing your research before committing hard-earned cash to park what you think is the car of your dreams in your garage. Companies like Hagerty indicate that while values for the 1978 Mustang II King Cobra have climbed dramatically, the BIN figure is above what you might typically pay for a Concours example. More telling, though, is that I found another auction for this car, which sold in July 2026 for $35,000. That’s a significant increase, and well above the market average. However, that small piece of information may prove invaluable. I believe the seller won the previous auction, and if so, you know what they paid. So you have a sense of how much room there is to negotiate if you decide to pursue the car further. Are those thoughts and this King Cobra’s impressive condition enough to tempt you?
Peak Mustang II. And in excellent condition. We sometimes throw out the “best one remaining” comment; this could be it.
Outstanding write-up Adam, and good sleuth work. When I saw the car, I thought it might be the one I followed on that “trailer” site a few months ago. Adam confirmed that it is.
Hey Bob, what does it cost to list on the “trailer site’?
Nothing to list on BAT. But, they must select you. I know people that they’ve rejected.
No matter how nice, good luck finding someone willing to pay close to the asking price. It’s going up against every car on the market, regardless of year, make or model.
Steve R
The price is “Peculiar”.
The greed is astounding. Someone bought this car in July and is trying to flip it for double, 70k.
The car itself isn’t bad. The red on black looks good. These cars always remind me of the original Mad Max movie. I believe they used four door, Aussie versions for the cop cars.
Hi Dan
The four door vehicles in Mad Max were 1974/1976 XB Ford Falcons, with the hero black coupe also an XB model, all built in Australia. cheers
I doubt that anyone willing to pay that much for this car won’t also do a bit of homework and find that recent BAT result, or this article here on BF.
It’ll take the seller awhile, but they’ll probably be letting this one go for a little bit more than they paid for it. Or, sit on it for 10+ years.
Sure they want to make a profit, but double is insanity. I can’t see anyone paying that much for this car
Considering it’s the jar jar binks of classic cars, the fact that the air conditioning is not working- everything should work for this asking price, this dealer is dreaming.
Ditto to all the comments on the price. This Cobra may have very low miles and won a Ford Mustang award, but it doesn’t command a Kings asking price.
Hmmm, not a very desirable version, no AC, a complete turd of an engine… No thanks at anywhere near that price.
A good condition 1969 Mach 1 Mustang in good driver-quality condition is running between $48 – $56K currently. With triple the power, looks, desirability and a 5-lug wheel….I’m taking a hard pass on this if I were looking for a good collectible Mustang! It would be cute for a blonde “Farrah looking” lady to wheel about in.
My thoughts exactly. For that amount of money, you could get something a lot nicer.
Not to detract from this car, but I like to guess prices when I first see the first pic of the car and I guessed $25,000 but then after reading the great article that was written about it, I could see $30,000-$35,000.but at this asking price I think that’s a lot.
I do have to admit it is a beautiful car, but they are asking for the moon for this price.
As pictured.
Now there’s a 70,000 dollar Mustang! 10 times the car being offered here, at least! I always thought the souped up versions of the Mustang II’s were pretty cool, and I knew a guy who had a black one that he was always turning wrenches on, that thing was a beast! But 70 grand?! Not sure what this guy is smoking, but it’s causing dollar signs to obscure his vision…
He has another 1978 Mustang for sale $99,980.00 a Monroe Handler which is just a paint and body kit. From what the ad says six were built, one had a Roush engine and the others were just a stock 302 engine as give away cars with this being one of the give away cars.
Duuuude! I remember that one! I have only seen those in magazine ads and a model car, but I have never seen one in person so this was pretty cool! Thanks for the info!
The description holds a very interesting history of the cars that were produced. Very good read! And I don’t think he’s bluffing when he says that this is one of the rarest Mustangs with only six produced.
Does it make it desirable? Beauty is in the eye of the beholder. But that particular car I would feel nervous driving around being that it has custom bodywork and it still wears the original paint. That car should go in a museum somewhere although it’s significance in Automotive history is very small.
The car featured here probably hasn’t been driven is a very long time, either. Being a static display in a restaurant and having Eagle ST tires on it, quite a bit of work will be needed before this sees the road again.
But, it won’t be seeing any road use soon, not at that price.
$70K for this ‘King Cobra’ with 139hp. Hilarious. Could not imagine showing up anywhere in a turd like this trying hard to be muscle car – it would be embarrassing. For that money – even just half that amount – you could buy a vintage car that’s nicer in just about every way. I know fans of these cars don’t like the Pinto references people make but really, that’s about what you’re getting with one of these.
Your Pinto comment simply exposes – politely- your lack of knowledge.
I don’t like the Pinto references because they really aren’t very accurate. The crazy asking price has been well addressed, so on to the car. I had 2 Mustang IIs both V8 cars. They modify very well. Everything was weak cheese during this era. I think part of the mockery is precisely this model. I had a plain fastback in midnight blue and got a lot of compliments. Even the Cobra IIs were OK, but these King Cobras are just too much. Tiny wheels buried behind oversized flares, overzealous graphics, its just ick. It’s a rolling cartoon.
I should’ve been clearer because I actually like the regular Mustangs from this era. I think they’re pretty nice little cars, in fact a long time ago a friend and I drove across the US in one with the 4 cylinder motor and it did great on the trip, cruising at 70 through many areas. Got great gas mileage too.
It’s the over the top Cobras – which are essentially tire and decal packages I don’t care for. I wouldn’t be embarrassed to own a regular Mustang from this era, but I sure wouldn’t want to be driving the car in this write up. All those goofy aero add ons and spoilers, and then the seller wants a ludicrous $70K for it. Boy what you could buy for $70K – many of which that have been seen here on Barn Finds.
Part of me likes the icky ridiculousness just for the campiness. It is, like you said… cartoonish. Nobody driving this can take themselves too seriously (or be taken seriously).
Pristine M II? Yes. $68k? Heck no!
Perfect example of: New to this group, just wanted to share a picture I took. I don’t know much about this car, can anyone give me an idea what it’s worth? Or
I bought this car from my elder neighbor can anyone give me an idea what it’s worth is worth?
They actually were hot for about a second, good thing it’s a best offer as it might be a 45k car.
Looks like someone added one too many digits on the listing price, but I’m not sure whether it’s the 6 at the beginning, or the 0 at the end?
You apparently didn’t notice (or chose to ignore) what it sold for a few months ago.
Wow, that’s an high asking price!!!
Amazing the AC doesn’t work and it needs all new tires for an ask of $70k. For this money, and even less, I can buy a 60’s and early 70’s Mustangs with real HP not needing tires and AC.
70 grand for a Mustang II. That’s one more thing I thought I would never see in my lifetime.
$70K for this?! This seller is not only dreaming but delusional. I admit that this car is nice but not $70K nice. I believe that the Mustang II actually saved the Mustang’s nameplate compared to the model before it. For this kind of money you can get some nice First Generation Mustangs that looks just as good if not better.
It was a tarted-up Pinto. Accept that.
That is simply not true.
Tell us, Courtney, is ignorance truly bliss?
The front suspensions out of MII’s work pretty good under street rods . . I have one under my 34 Chevrolet . .
Likely the biggest pile of crap in Ford history. The problem with the world today is greed. It is killing us. Second, only an imbecile would pay that much money for this nothing car.
They sold a million of them there “crappy” Mustangs. The right car, at the right time.
I believe it was Car and Driver who reviewed the vehicle when new and called it a “sheep in wolf’s clothing.”
That is my old car. It was a lot of fun. Great video on Youtube “My Car Story”
They will never get that with the car in the condition it is in. If they want the big bucks, they need to throw dirt and leaves on it and park it under a family of nesting turkey buzzards. Then they can advertise it as a “rare find”.
Beautiful looking car. I hope it goes to a good owner. Someone willing to enjoy it and take care of it.
One of those was my first car. Could burn rubber all day long, but slow as a School Bus. Would like to have another one, but I won’t be paying that for one.
The bat auction result shows what the market will pay , remember children , don’t do drugs !