1998 Ford Mustang SVT Cobra Comes From a Treasure Box, Costs Less Than a New EcoBoost

Part of the fourth-generation pony car, it sat above the GT and Mach 1 during its production run and was considered the top-of-the-line variant. It packed a 4.6-liter V8 tuned by SVT to develop 305 horsepower (309 ps/228 kW) and 300 pound-feet (407 Nm) of torque, running with a five-speed manual transmission that deployed everything to the rear wheels.

Presented here is an open-top red copy sitting on five-spoke alloys with a tan folding roof and a brown leather interior. It has a few aftermarket upgrades to the air intake and exhaust system, features Eibach springs that have brought the body closer to the asphalt, and has only 21,636 miles (34,820 km) on the clock. The vendor mentions "good maintenance history," alongside the original springs and wheels that are offered with the car and the usual lecture in the form of the typical manuals.

Described as a "rare gem" and a "sought-after collector's item," this 1998 Ford Mustang SVT Cobra is ready to hit the road again and, hopefully, to be enjoyed by its next owner on a daily basis. To make it yours, you would have to pay $31,900, which is the asking price on Garage Kept Motors at the time of writing. The modern-classic muscle car is in stock and can be inspected in person, albeit on appointment only, so make sure you contact the vendor if you plan on seeing that red body in the flesh.

But where does the asking price put it next to the modern-day 2024 Ford Mustang lineup? Below the entry-level EcoBoost, which has an MSRP of $30,920 that increases to $32,445 with the $1,525 destination charge. Factor in the greedy dealer fees and a few options, and you will have to cough out between $35,000 and $40,000 before seeing it in your driveway.

A '24 Mustang EcoBoost Convertible, featuring the same 2.3L four-pot that makes 315 hp (319 ps/235 kW) and 350 lb-ft (475 Nm) of torque on 93-octane fuel, will set you back at least $39,020 before destination. The most affordable V8-powered model, the GT Fastback, starts at $42,710 and uses a 5.0L V8 with no forced induction trickery, which produces 480 hp (487 ps/358 kW) and 415 lb-ft (563 Nm).

The top-of-the-line Dark Horse kicks off from just under $60,000, excluding destination, and uses a tuned version of the GT's 5.0L V8, which pumps out 500 hp (507 ps/373 kW) and 418 lb-ft (567 Nm). So, which one would you get if you had to choose between a new Mustang EcoBoost and this old-timer SVT Cobra?