First Foxbody: 1979 Ford Mustang Cobra – $12,500

Feb 2021 | Classifinds, Malaise Monday

Arguably the most popular generation by performance enthusiasts, Ford produced its third generation Fox-Body-based Mustang from 1979 through 1993.  The vast majority of 5.0 Liter V8 equipped examples have been modified in some way, shape, or form over the years, so it was very refreshing for us to come across this unmodified, 56K original mile 1979 Ford Mustang Cobra for sale here on Craigslist in Old Bridge, New Jersey with an asking price of $12,500.   Comparing this price against the Hagerty Insurance Online Valuation Tool confirms this private seller has his Cobra priced between the #3 “Good” estimate of $12,100 and the #2 “Excellent” appraisal of $17,400.  As a second data point, the Collector Car Market Review indicates the asking price is $1,100 higher than this guide’s #1 “Excellent appraisal of $11,400.  If you are serious about buying this unmolested Fox Boxy, you can start the conversation by contacting Rae at (917) 817-5058.  When you do, please remember to mention you saw their Mustang Cobra featured here on GuysWithRides.com.

Here’s the summary of these launch edition cars provided in the Hagerty Insurance Valuation Guide:

“Following the relatively short-lived Mustang II, Ford needed a winner to erase the reputation of its Pinto-based predecessor. What resulted has come to be known as the “Fox body” Mustangs, and would evolve well into the 1990s.

The ’79 Mustang featured “Euro” styling, including the egg-crate grille, and squared-off headlights, but distinctly American too, with its “notch” rear window design. The hatchback or “fastback” design was also available and would go on to become the more desirable variant. The Mustang was sold in base and Ghia trims for ’79.

At the outset, the Mustang was available with four-, six-, or eight-cylinder engine options. The base 2.3-liter I4 was out of the Pinto and only made 88 hp. The available Cologne V-6 made 109 horsepower, but due to supply issues it had to be replaced with a 3.3-liter straight-six, which made a paltry 85 hp. Some of these more anemic engine options have likely long been swapped out for one of the plentiful crate engine options available on the aftermarket.

The top-tier engine was the 302 cid Windsor V-8. It technically displaced 4.95 liters, but was marketed as “5.0,” a term that resonates with the Mustang community as much as “Fox body.” For 1979, this engine made 140 horsepower and 250 pound-feet of toque.

A Mustang Cobra model was also offered, featuring either the 5.0 or the 2.3-liter turbocharged four, which made 132 horsepower and 142 pound feet of torque. The Cobra also featured a bold paint scheme and optional “Cobra” lettering on the doors and snake decal on the hood.

This year was available with a TRX handling package, which included 15.3-inch aluminum wheels, and revised suspension components and sway bars. The whole package was capped off by a set of eponymous Michelin TRX elliptical radials. If looking for originality, these tires are still sold in limited quantities by Coker Tire and others.

In 1979, the Mustang paced the Indy 500. Naturally, an Official Pace Car Edition was offered, featuring a silver-and-black paint scheme, added pin-striping and decals, a cowl induction hood, and a spoiler. 10,478 examples were sold out of nearly 370,000, making it the rarest Pony from 1979.”

We found this vintage 1979 commercial launching the all-new Mustang that year:

With its original metric Michelin TRX wheels and extensive documentation, we agree with the second owner’s assessment this Cobra has a great chance of winning the “All Orginal” class at any car show you enter the car in, once you replace the lowered springs with stock height units. Good luck with the purchase!

Here’s the seller’s description:

“1979 FORD MUSTANG COBRA
First Foxbody Cobra.. Extremely RARE
v8 5.0 4spd, Original 56k mile,
Rare Factory sunroof,
Original 8 track player
ALL ORIGINAL Survivor, Purchased from
Original Owner. Well Documented,
Impressive Paperwork, Original
receipts, Bill of sale, Factory Order Build
sheet, Dealer Order sheet. Dealer Brochure
All original except for suspension. Replaced
with Eibach springs (1.5”drop) and KYB
shocks.
Was Stored in a heated Garage since
2009. Never Been Painted, driver side paint
has paint bubbling due to age. No rust,
Factory Rustproofed from Ziebart. Runs and
drives excellent. Drive it anywhere, Drove it
from Pennsylvania to nj. (150 miles with no
issues!!) I am the second owner, Title is in my
name. Extremely cheap on insurance with
Historical plates.
Over all Not mint, but in excellent condition.
Please do realize its a 42 year old car!
This car can win “ All Original” in any
carshow.
ASKING $12,500.

Show or go: What will you do with this Fox Body Mustang?  Comment below and let us know!

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