Climate Controlled: 1998 Ford Mustang SVT Cobra Convertible 12.4K – NOW $29,000

by | Jun 2024 | Craigslist ClassiFINDS, Topless Thursday

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June 12, 2024 Update – The seller of this ’98 Mustang Cobra SVT we’ve been tracking since December replaced their expiring Craigslist ad with a fresh listing.  After two months with no sale at $29,900, the seller lowered their asking price to $29,000 in their latest listing.

May 12, 2024, Update – The seller replaced their latest expiring Craigslist ad with a fresh listing. The thorough description, excellent pictures, and already-reduced $29,900 asking price carry over.

April 7, 2024, Update – The seller replaced their latest expiring Craigslist ad with a fresh listing following a brief pause. While the thorough description and excellent pictures carry over, the seller elected to reduced their asking price to $29,900.

February 6, 2024 Update – The seller elected to increase their asking from $29,900 to $30,900 in their latest one-week-old Craigslist ad. That behavior typically is a way for sellers to try and get their Craigslist ad back to the top of the search results.

January 27, 2024 Update – The seller replaced their expired Craigslist ad with a third listing. The detailed description, pictures, and already lowered asking price carry over from the previous ad.

January 9, 2024 Update – Two weeks after posting the second Craigslist ad we are aware of, the seller decided to lower their asking price from $32,000 to $29,900 in the same listing.

December 28, 2023 Update – The seller of this 1998 Ford Mustang SVT Cobra we first spotted for sale in November just replaced their original listing with a fresh Craigslist ad.  While the pictures and detailed description carry over, the seller actually increased their asking price from $30,000 to $32,000. That’s usually a sign the seller was getting lowball offers, so by increasing their ask, they have better leverage to negotiate to where they are willing to sell the car.

Ford produced the fourth-generation Mustang for ten model years from 1994 through 2004. Within those ten years were two distinct versions: the SN-95 produced from 1994 through 1998 and the SN-99 “New Edge” restyling manufactured from 1999 through 2004. Of the two versions, the earlier SN-95 is aging much better as the design language cleanly merged classic Mustang styling cues with Ford’s obsession with more rounded lines during that time.

While the GT remained the performance variant throughout the fourth-generation Mustang’s production run, Ford’s Special Vehicle Team (“SVT”) developed an even higher-performance version: the Mustang Cobra. Starting in 1996, the Mustang SVT Cobra featured Ford’s new modular 4.6 L DOHC V8, which produced an advertised 305 horsepower and 300 lb-ft of torque.  While perhaps not as quick as the Camaro and Firebirds of the period, these Mustangs still balance muscle car performance with modern comfort, handling, and convenience.

This Chrome Yellow over Black Leather 1998 Ford Mustang SVT Cobra Convertible For Sale, first spotted on Craigslist in Pensacola, Florida, in November 2023, is a 12,415 original mile example. Initially purchased by Concours enthusiasts and active participants in the Mustang Club of America, the immaculate detailing of this Mustang Cobra for sale is apparent throughout the car.  Additionally, the seller reports their SVT Cobra convertible for sale benefitted from climate-controlled storage since new.

Now offered for $29,000 (The highest ask to date was $32,000),, the analytics and search engine for the collector car market, confirms the ask is at the high end of this guide’s six-month results for 1998 Ford Mustang Cobras of both body styles.  By clicking on the green dots in the graph below, you can get a sense of what comparable examples sold for recently:

As a second data point, the downloadable 2023 Old Cars Price Guide Big Book confirms the seller’s ask is nearly double this guide’s current #1 “Excellent” appraisal of only $17,600 after factoring in a ten percent premium for the desirable SVT package. A third source, the Hagerty Insurance Online Valuation Tool, reveals the seller’s ask falls between this guide’s #2 “Good” estimate of $19,000, and it’s #2 “Excellent” appraisal of $33,800.

The 1998 Ford Mustang SVT Cobra Convertible is a testament to the American muscle car heritage, combining power, performance, and open-top driving exhilaration. As part of Ford’s Special Vehicle Team (SVT), the Cobra Convertible it boasted numerous enhancements over the standard Mustang, making it a sought-after model among enthusiasts.

Under the hood is the heart of the 1998 SVT Cobra Convertible beat with a robust 4.6-liter DOHC V8 engine. This powerplant, exclusive to the SVT variant, produced an impressive 305 horsepower and 300 lb-ft of torque. This engine departed from the previous pushrod design, showcasing Ford’s commitment to modern performance engineering. Including dual overhead camshafts improved valve control and allowed for higher revving, resulting in a more responsive and powerful driving experience.

Backing up this potent engine was a five-speed manual transmission catering to enthusiasts who appreciated the tactile engagement of shifting gears. The transmission featured short throws and precise engagement, enhancing the overall driving experience and allowing drivers to extract the full potential of the V8 powerplant.

The 1998 SVT Cobra Convertible exhibited a distinctive exterior design that set it apart from its Mustang counterparts. The front fascia featured a unique grille and fog lights, giving the Cobra a menacing and aggressive appearance. The side skirts and rear spoiler contributed to the car’s aerodynamic profile, indicating its performance capabilities. The convertible top, crafted with attention to detail, seamlessly integrated with the body lines when raised and neatly folded away when retracted, preserving the car’s sleek aesthetics.

The Cobra Convertible rode on 17-inch alloy wheels, a design exclusive to the SVT model further enhances its visual appeal and contributes to its athletic stance. Behind those wheels, high-performance brakes provided the stopping power needed to rein in the car’s impressive speed.

The SVT team did not focus solely on straight-line performance but tuned the suspension to deliver a balanced and responsive ride. The 1998 Cobra Convertible featured independent rear suspension, a departure from the live axle setup found in the base Mustang models. This sophisticated suspension system improved handling, providing better traction and stability during spirited driving. Front and rear stabilizer bars and a specially tuned suspension geometry contributed to the car’s nimble and predictable behavior on the road.

Inside the cabin, the SVT Cobra Convertible offered comfort and performance. Leather-clad sports seats provided ample support during spirited driving, while the interior design incorporated a driver-centric layout. A leather-wrapped steering wheel and a signature SVT white-faced instrument cluster added a touch of refinement, reinforcing the car’s performance pedigree.

Technological features of the 1998 Cobra Convertible included power windows, air conditioning, and a premium audio system. While not as tech-laden as contemporary cars, these features complemented the overall driving experience, creating a well-rounded package suitable for daily commuting and weekend thrills.

In conclusion, the 1998 Ford Mustang SVT Cobra Convertible represents a pinnacle of American muscle car engineering from its era. With a powerful engine, precise transmission, distinctive design, and well-tuned suspension, this SVT model offered a thrilling driving experience on straightaways and winding roads. Today, it remains a coveted classic among automotive enthusiasts, showcasing the timeless appeal of the American muscle car.

The MotorWeek Retro Review YouTube Channel features this 1998 Mustang Cobra vs. Camaro Z28 SS comparison:

This Chrome Yellow over Black leather 1998 Ford Mustang SVT Cobra convertible for sale features Concours-quality detailing throughout an extremely low mileage example.  While this particular color combination is one of 555 produced that year, Ford made a total of 3,480 Cobra Mustang models in 1998. Consequently, they are not as rare as their owners want you to believe.  Our questions for the seller would mainly be about what he did with the original tires they replaced as well as whether taftermarket sequential taillights they 

If you are serious about buying this SVT Cobra convertible, you can start the conversation by using the contact information provided by the seller in their Craigslist ad.  When you connect, please mention that you saw their SN-95 Mustang featured here on Good luck with the purchase!

Here’s the seller’s description:

ORIGINAL!!! RARE vehicle!!! 2nd Owner!! LESS than 13K ORIGINAL MILES!!! ONLY 555 Chrome Yellow SVT Cobra Convertibles!!! I will consider trading for a clean 1969-1971 classic car. In 2001, this car was picked to represent the 1998 Mustangs at the Mustang Club of America’s 25th Anniversary show in Commerce, Georgia. Hagerty values this vehicle at $33,800 in Excellent Condition and $52,000 in Concours Condition. Perfect in every way, with everything working just like new. The car has been detailed from top to bottom and inside out. It came with the following equipment: chrome yellow clearcoat with sport bucket and rear black leather interior, power black convertible roof, rear spoiler, 305 horsepower 4.6L V-8 engine, 5-speed manual transmission, air conditioning with rear defrost, speed control, power windows with power locks, power rack/pinion steering, power 4-wheel disc anti-lock brake system (ABS), traction-lock axle, stainless steel exhaust, remote keyless entry, 17-inch premium cast aluminum wheels, tinted glass, dual power mirrors, interval wipers, articulated sport seats, leather-wrapped and tilt steering wheel, premium MACH 460 electric stereo AM & FM radio with both compact disc player and cassette player, console with armrest, illuminated visor mirrors, SVT instrumentation, anti-theft system, and floor mats. This vehicle was originally purchased in Georgia and came with the original tires, so the car has four brand new Nitto P245/45ZR17XL high-performance tires with less than 1K miles. I had also replaced the original drive belt with a new Genuine Motorcraft serpentine belt a new Motorcraft belt idler pulley, and a Motorcraft belt tensioner pulley. Also, due to being in storage, I replaced it with a new Duralast Gold Battery. The taillights have been replaced with Sequential Taillights and new black taillight covers. This actual vehicle was one of the 26-Car Newcombe Collection. Kenny and Marilyn Newcombe are known for their involvement in Mustang Club of America Concours shows and are heavily involved in the MCA by showing their vehicles around the country and eventually joining the national organization’s leadership. Kenny served as the vice president of Mustang Club of America, while Marilyn was elected to the board of directors as the MCA’s office manager. Marilyn Newcombe was the first original owner of this Chrome Yellow Clearcoat 1998 Ford Mustang Special Vehicle Team (SVT) Convertible, one of 555 produced with the Cobra-only 4.6L DOHC that generates 305 horsepower. This car was meticulously stored in a climate-controlled environment. The sale includes a new Leather Convertible Boot, a new Full Leather Front Bra, a new premium car cover with a locking mechanism, original taillights with original taillight covers, all original Owner’s Guide and manuals, the original MSRP vehicle sticker, original customer purchase order, original warranty guide, original article, and two sets of keys with key fobs. Lots of additional pictures and videos of the car.

Show or go: What would you do with this 12.4K-Mile 1998 Ford Mustang SVT Cobra Convertible for sale? Please comment below and let us know!


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