Shelby's Cobra 289 Dragonsnake Is One of the Rarest Cobras in Existence

The Dragonsnake evolved from a desire from Carroll Shelby to take the Cobra drag racing. What would start out as a regular Cobra chassis would go on to become one of the most remarkable iterations of the American sports car. One that can sell for vast sums of money in 2023.

What made the 289 Dragonsnake so special

Shelby would make various changes to the regular Cobra in order to make it better suited for the drag racing at hand. With the 289 V8 engine under the hood, Shelby worked on a range of power options for the Dragonsnake. These went from the 271 hp engine to the 385 hp offering. All were upgrades on that 289 V8 engine. A bigger Holley carburetor and high-performance camshaft were just a couple of modifications made to the V8. At its most extreme, the Dragonsnake could output some 400 hp.

This was with the stage three engine option. Only one Stage III factory-built Dragonsnake was ever produced, a car that went under the hammer at Mecum Auctions earlier in 2023. But that wasn’t all Shelby did to the Cobra. A strengthened frame, bigger radiator, and a limited-slip differential, all contributed to the extra performance of the Shelby. The new differential enhanced the handling ability of the Dragonsnake when it came to taking on the extra power. Thanks to some very distinctive styling and the performance, the Dragonsnake very quickly became the stuff of legend. Even if only five were ever produced.

The Dragonsnake is one of the rarest Shelby Cobras in existence

The 290 Dragonsnake would quickly become a legend on the 1/4 mile. At the time, the car cost some $8,000. So it wasn't exactly a cheap choice for many. The cars were produced from 1962 to 1967, meaning it is also one of the most short-lived examples of the Cobra. Six examples were actually built. However, they would receive the larger 427 cubic-inch V8 of 7.0 liters, making this example even more special. In terms of the only Stage III example, that one is incredibly special.

The car was ordered new by Don Reimer of Gettysburg, Pennsylvania. It is easily recognizable thanks to the stunning yellow paint scheme that matched the color of his Thunderbird tow car. The Dragonsnake raced to great success through 1965, before it was then parked up and lovingly looked after. Under the hood is that 289 V8 engine with its Stage III package, including Weber carburetors. Handling all that mighty V8 power is a four-speed manual transmission, making it one hell of a driver's car. The car would also compete in some SCAA road racing events when Dodge Olmstead of Arlington, Virginia, took ownership of the vehicle.

How much are the Cobra 289 Dragonsnakes worth?

In terms of the value of these legendary Cobras, well, they are worth an awful lot. In terms of the highest value one has sold for, that belongs to this very example. The Stage III Dragonsnake, VIN CSX2427, sold for a staggering $1,375,000 earlier in 2023. That is an astronomical amount of money. What clearly helped its cause was the fact it had just 3,596 miles on the clock. Plus the fact that the car is highly original, with very few components needing replacing over the years.

The car did undergo repaints at one point, but it was given its original color scheme again a few years ago. It is in excellent condition, with the interior as clean as you would expect. This Dragonsnake truly is one remarkable Cobra.

Few cars live up to the Cobra 289 Dragonsnake

In total, eight Cobra Dragonsnakes were built. But only five of them ever had the 289 engine, making them one of the rarest breeds of sports car in American history. If you ever want to get your hands on such a Cobra, you will need deep pockets. In fact, owning a Shelby Cobra full stop will involve deep pockets in 2023. The cars are going up and up in value as the years go on, turning into some of the most sought-after classic cars in the world. Shelby himself would probably be surprised at the legacy his cars have left. But they are still, even today, seen as one of the most excellent examples of the sports car in automobile history.