Produced for a whopping 15 years, the third-generation Mustang is the longest-running version of Ford's iconic pony car. It's also a popular platform for modding. Despite being build in an era when V8s weren't that powerful, the Fox-body Mustang spawned a few highly desirable Cobra models.
Developed by Ford's then-new Special Vehicle Team (SVT) division, the Cobra broke cover in 1993, the third-gen Mustang's final year on the market. It featured a heavily revised small-block V8 rated at 235 horsepower and covered the quarter-mile in just 14.5 seconds. Only 4,993 units were built, and now, almost 30 years later, they're among the most desirable 1990s collector cars.
While a regular third-gen Mustang can be bought for cheap, with well-maintained examples going for a little over $10,000, Cobras can fetch a lot more than that. Some of them, like this low-mileage unit shown here, can cost significantly more than a current-generation Mustang GT. Specifically, this black model with just 10,000 miles on the odometer is listed for $49,900. That's around $13,000 more than a 2021 Mustang GT and only $3,000 cheaper than a 2021 Mustang Mach 1.
But that's also because this Fox-body Cobra has been a garage queen for many years. It features blemish-free black exterior paint, an impressively clean engine bay, and a top-notch interior. Speaking of which, this example features grey cloth upholstery, which makes it a rare Mustang Cobra. These cars were initially offered with three upholstery options: Opal Gray cloth, black cloth, and Opal Gray leather.
Only 1,110 units of the total 4,993 were fitted with the Opal Gray cloth interior, and only 327 of them had a black exterior. That's a little over six percent of total Cobra production, not including the fact that we don't know how many of them survived.
Is it worth $49,900? Well, it depends on how much you want a 1993 Cobra. I actually dig the third-gen Mustang a lot, but I'm not a fan of black cars unless they also come with brightly colored stripes. The 1993 Cobra was also offered in Vibrant Red and Teal Metallic, so I'm in no hurry to get a black one. How about you?
While a regular third-gen Mustang can be bought for cheap, with well-maintained examples going for a little over $10,000, Cobras can fetch a lot more than that. Some of them, like this low-mileage unit shown here, can cost significantly more than a current-generation Mustang GT. Specifically, this black model with just 10,000 miles on the odometer is listed for $49,900. That's around $13,000 more than a 2021 Mustang GT and only $3,000 cheaper than a 2021 Mustang Mach 1.
But that's also because this Fox-body Cobra has been a garage queen for many years. It features blemish-free black exterior paint, an impressively clean engine bay, and a top-notch interior. Speaking of which, this example features grey cloth upholstery, which makes it a rare Mustang Cobra. These cars were initially offered with three upholstery options: Opal Gray cloth, black cloth, and Opal Gray leather.
Only 1,110 units of the total 4,993 were fitted with the Opal Gray cloth interior, and only 327 of them had a black exterior. That's a little over six percent of total Cobra production, not including the fact that we don't know how many of them survived.
Is it worth $49,900? Well, it depends on how much you want a 1993 Cobra. I actually dig the third-gen Mustang a lot, but I'm not a fan of black cars unless they also come with brightly colored stripes. The 1993 Cobra was also offered in Vibrant Red and Teal Metallic, so I'm in no hurry to get a black one. How about you?