There are those of us who only enjoy owning nearly-perfect cars, or at least vehicles that look like they’re showroom fresh. The other half of the room, however, much more enjoys the prospect of returning a car back to good health by buying it with some rough edges here and there. I’m in that camp, which is why I love this 1993 Ford Mustang Cobra listed here on eBay needing a paint job but otherwise looking like a great driver.
Bidding is just under $20,000, and the Buy-It-Now is a reasonable $24,000. I have little doubt this limited-production Fox body will get to its BIN number, as it’s a great price for a Cobra in a desirable color that hasn’t been dramatically altered from stock. The Mustang does have some bolt-on modifications like the exhaust system and larger wheels courtesy of a five-lug conversion, but those are easily reversible if you’re a purist.
The seller is in Connecticut but notes the Cobra lived its whole life in Arizona up until its relocation, which explains the failing clear coat. The good news is the deterioration hasn’t continued to the interior, where the gray leather swats remain in decent condition. Obviously, the whole car needs a proper detailing and it does have close to 115,000 miles on the clock, but its needs appear largely cosmetic in nature.
This Cobra is rubbing me in all the right ways, and I’d be tempted to live with the paint job indefinitely. There’s something about owning a collector car that is decidedly scruffy, as you just don’t see cars like this in any form other than a trailer queen. This is a Cobra you can drive and for a far lower cost of entry than most. The rising value of these SVT-modified Fox bodies also practically guarantees you’ll see your money back should you embark on a repaint at a later date, too. A sound buy!
Interesting that we have Teal 1993 Cobras back-to-back here on Barn Finds, representing the ends of the condition spectrum. This one has obviously been well-used and modified but hopefully not abused. It wasn’t that long ago that the BIN price would get you a clean low-mileage example, but these have skyrocketed up the value curve. For me, I’d want to at least get it painted.
Looks like an AZ car :).
Id leave the paint 🎨 and wheels and drive it. If anything i may want stock exhaust back… thought the factory ones sounded best.
Dear knowledgeable readers,
An acquaintance of mine has a 1993 Mustang convertible for sale for 1/10 the price of this Cobra, or $2,400. It looks good (silver with black top) and is said to run well, with 87,000 miles on it. I don’t know which engine it is but am guessing it’s the mildest. Could this possibly be a worthwhile investment?
Per your discription and price quoted, I would say yes! Depending on the engine size, the value of these cars have really found their niche in the Muscle Car Market, especially at the entry level. I would buy while that price is firm!
For the four-banger it’s a good price. If it’s a 5.0 it’s a steal. Assuming it’s the four, they’re nice economical cars, and fun with the drop-top. Funny, the four-cylinder models of these Fox bodies are kind of hard to find, most went straight to the scrapyard once they were done. I sold Fords back around this time, these were fun little cars to tool around in. You weren’t going to win any races though. Manual trans is best, but the auto is good if you’re just looking to cruise around.
I wholeheartedly agree, those 4 bangers were decent little cars. I owned a 93 LX hatch as a daily. Decent gas mileage, ok performance as a driver. Well over 100k on it when a Volvo 240 came blasting down a hill on a snowy day, hitting the Stang and putting the taillight panel in the back seat. Sad. Loved that car. Saved my triple white 88 GT with a 9 pound Powerdyne SC and my 66 K code from having to see snow.
Hi Dan,
I live in Australia and have just bought a 1994 Mustang GT with the 302 Windsor engine, are the fourth generation cars similar in collectability and price compared to the Fox bodies up to 1993 or will I have to wait a few years?
Thanks for any reply.
Tony Oz
Sorry, I’m not a Ford guy, but the 94, the SN95 chassis is supposedly a big improvement over the previous generations. I would say they are not as popular as the old Fox body, but… they will be coming into their own in the near future I put money on it.
If it’s a 5.0, yes, it’s worth it.
Per your discription and price quoted, I would say yes! Depending on the engine size, the value of these cars have really found their niche in the Muscle Car Market, especially at the entry level. I would buy while that price is firm!
“Rubbing me the right way…”? Oh my….