Race Pacer: 60k-Mile 1994 Ford Mustang SVT Cobra Indianapolis 500 Pace Car Edition 5-Speed

  • April 08, 2021
The Rundown
  • Rare, 1 of 1,000 Cobra Pace Car Edition Convertible
  • Great Colors & Condition
  • Reasonable 60k Seller-Stated Original Miles
  • 240hp, 5.0L SVT-Uprated V8 Engine
  • 5-Speed Manual Transmission, 4-Wheel Disc Brakes
  • Exceptionally Clean, Original Condition
Why We Like It

Redesigned for 1994, the new SN-95 generation Ford Mustang brought a vastly stiffer chassis and 4-wheel ABS disc brakes while maintaining the revered Fox-body Mustang’s 5.0L V8 engines – in 225hp and 240hp SVT Cobra tune. As with the original Mustang that paced the Indy 500 in 1965, followed by the 1979 model, the model (in top-shelf Cobra form) was once again chosen to perform Official Pace Car duties at the 78th edition of the world-famous race in May 1994. Just 1,000 SVT Cobra Convertible Pace Car Editions were sold, including our subject car.

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race-pacer-60k-mile-1994-ford-mustang-svt-cobra-indianapolis-500-pace-car00P0P 9Jl3Meabbatz 0t20CI 1200x900Adored and well-cared-for, this 1994 Ford Mustang SVT Cobra Official Pace Car Edition convertible retains the original paint and interior, coming to market with 60k original miles. As the seller relates, the Cobra is an excellent running and driving vehicle with everything working properly, no leaks, good seals, and the tires are good; however, we wholeheartedly recommend checking the tires’ DOT codes before any contemplated road use. The seller advises the car has been garage-kept for most of its lifetime and that they inherited it from their granddad, but a job transfer now dictates its reluctant offering for sale. Powered by the 240hp, comprehensively massaged SVT 5.0L V8 engine mated to a 5-speed manual transmission, this very special Cobra Pace Car Convretible is a very nice find, one worthy of continued care and enjoyment.

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Valuation Verdict

As a lifetime Mustang fan and owner, this rare SVT Cobra Indianapolis Pace Car Edition Convertible quickly caught this Zero260 contributor’s attention while reviewing article assignments. A “regular” Mustang GT Convertible was a thrilling find in dealer showrooms when the new-for-1994 Mustang was first made available in late 1993, and a personal friend – a Ford St. Thomas Assembly Plant veteran – was among the very first to take delivery of one – a Convertible, no less, all those years ago. While the 1990s “Horsepower Wars” quickly eclipsed the Cobra’s 240-horsepower spec, it’s a very fast and enjoyable ride, with better handling than before and a thrilling “wind in your hair” experience with the top down on the open road. Our subject car looks wonderful and its mileage is most reasonable for one in such great condition. Hagerty’s value ranges stretch from an even $10k for a good #3, to $17,800 for an excellent #2 car, and a whopping $37,300 for an as-new #1 specimen, of which there are a few that were put away when new or with light use for investment purposes. This one is preferable, in this contributor’s opinion, as long-term storage and little use often results in leaks and mechanical issues. Our take? We believe this car is a solid 3+ or 2- and represents ‘Fair Market’ pricing at the seller’s affordable asking price. Buy it quickly and drive and enjoy it as originally intended!

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