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.
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.
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.