A good deal in the collector car world is rare these days, but this no reserve listing for a 1993 Ford Mustang Cobra may be one such opportunity. That said, the current bid price of just over $30,000 isn’t exactly a steal, but it still may leave a little more cushion than we typically see on this 90s muscle car. The Cobra has 45,000 miles and is listed here on eBay in Milton, Florida.

Now, you have to ask yourself: why did the seller opt for a no reserve auction? If you believe the marketing spin put out there by some auction companies, a no reserve listing is the most logical way to earning the most money on a car. I don’t know that I believe that, and in the case of this Cobra, I suspect the no reserve listing format has more to do with the fact that there are several engine modifications listed which will undoubtedly turn off the purists.

The engine has been upgraded with a Boss 302 331 stroker installed at 40,000 miles, and it’s fitted with a variety of upgrades. In addition, the next owner will enjoy a new 5-speed Tremec TKX and a 31-spline Eaton posi. The exhaust consists of a BBK ceramic-coated headers with ARP hardware, Bassani X-pipe, and Flowmaster American Thunder cat-back with stainless tailpipes. No mention if the original engine is included, or what made the seller opt to discard the numbers-matching drivetrain.

The cosmetics have been improved as well, including a new paint job, a Dakota Digital cluster, replacement headlights and fog lights, and a new leather shifter boot and alcantara shifter knob, among other improvements. All told, this looks like a nicely updated and wickedly fun driver, all with the potential of snagging it for far less than the cost to recreate it yourself. What do you think a fair price is for a modified Cobra?