Personally. I’m a big fan of buying cars with a known reputation for being collectible when found in project-grade condition. I’ve realized this about myself that I am not a fan of perfect cars. And, truth be told, perfect cars aren’t much fun, since you live in a constant zone of paranoia of something happening to them. That’s why I like this 1993 Ford Mustang Cobra, listed here on craigslist for $22,000 in the classic SVT shade of teal that is also very 90s appropriate. The seller is asking $22,000 and notes that the Cobra benefits from a rebuilt drivetrain and numerous other improvements.

The Fox body Cobra is a pricey car to buy in most cases because they are always found with next to no miles and shrink-wrapped in someone’s garage. The price of entry for a Cobra found in this sort of condition is usually $50,000 or better, and we have seen them go higher on eBay and at the big auction houses. I’ve always questioned whether they’re worth that much considering they don’t seem particularly hard to find, sort of like a rookie baseball card every kid managed to hold onto. The Cobra, in all reality, is far harder to find in condition like this one is in, needing a paint job and listed as a previous theft recovery from many years ago.

But to me, the best part about a car like this is your risk goes down to near zero in terms of investing in its mechanical and/or cosmetic rehabilitation. And frankly, it doesn’t sound like it needs much help mechanically based on the description, although you will need to replace the removed smog parts if you want it to pass a rigorous state inspection. The interior is in decent shape overall, with no major faults in the upholstery or dash plastics. Of course, the Fox body interior is rather basic even in Cobra form, so there’s not much to worry about even if you do find damage; replacement parts are plentiful.

The list of mechanical improvements is extensive, and we’d recommend perusing the listing for all the details. Highlights include a claimed rebuilt engine, transmission, and rear end with about 900 miles on each. There’s also Cobra GT-40 iron heads, an SVE 70mm throttle body, 24 lb/hr injectors, a cold air intake, Anderson N41 camshaft, BBK 1-5/8″ long-tube headers and H-pipe, and a cat-back exhaust, among other upgrades. The seller lists additional drivetrain and suspension upgrades, so this seems like an awful lot of performance for the money. Despite the earlier theft, it maintains a clear title. I’d buy this one in a hurry if I was in the market for a collectible Fox body.