Here's Why The Rare 1993 Mustang SVT Cobra R Is So Valuable Today

The year 1993 marked the swan song for Ford's scrappy third-generation Mustang, which had been in production since way back in the late-1970s. Perhaps feeling guilty for nearly killing the rear-wheel drive V8 pony car a few years earlier in favor of the Mazda-infused Probe, Ford decided to send the "Fox Body" Mustang out in style with a few limited-edition colorways, but the bigger news was a pair of Mustang Cobras from the company's newly established Special Vehicle Team (SVT) division.

Though the two Mustang Cobras shared some similarities, it was the Cobra R version that really raised eyebrows. That's because the "R" in the name stood for "racing," as in IMSA and SCCA Showroom Stock racing, where the car was intended to be a major disruptor.

As you might expect from a street-legal race car, the Mustang SVT Cobra was devoid of any and all creature comforts for the sake of saving weight. That meant no air-conditioning, no power windows or door locks, and no stereo system or fog lights. The front seats were manually-adjustable models from the basic Mustang LX, which were said to be lighter than the heavily bolstered and stylized Mustang GT seats, while the back seat was deleted altogether.

Under the hood, both the 1993 Mustang SVT Cobra and Cobra R used the same 5.0 liter V8 engine block as regular V8-equipped Mustangs, but with a healthy sprinkling of performance parts from Ford Motorsport (now Ford Racing) including the intake manifold, throttle body, cylinder heads, and a bespoke camshaft from Crane. Ford rated the Cobra R's engine at 235 horsepower and 280 lbs-ft torque, a 30 horsepower gain over the standard 5.0 liter V8.

Mustang enthusiasts have long suspected that horsepower rating was extremely conservative given all the speed parts involved and indeed, their suspicions were proven correct in a 2020 dyno test. The actual result was more like 255 horsepower and 315 lb-ft of torque.

Road and Track recorded a zero to 60 mpg time of 5.7 seconds on its way to a 14.3-second standing quarter mile. Impressive stats for the 1990s, but the Cobra R was about more than just going fast in a straight line. The suspension had Koni adjustable shocks and struts, beefier sway bars, and chassis stiffening. Sharp-eyed readers might notice that wheels look familiar. That's because Ford previewed the wheels from the upcoming fourth-generation 1994 Mustang GT, likely chosen for their robust 5-lug bolt pattern, whereas most third-gen Mustangs used a wimpy 4-lug setup.

Under those black-painted SN-95 wheels are a set of four-wheel disc brakes (regular Mustangs had rear drums) with vented rotors, sized 13 inches in front and 10.5 inches at the rear. The braking system is said to have cost over $2,000 — the "most expensive brakes ever fitted to a [production] Mustang" at the time, according to a Ford executive engineer who talked to LMR.

When new, the Cobra R had an MSRP of $25,692 but besides that, it's been said that buyers needed an active racing license in order to purchase one. This was reportedly Ford's attempt to ensure that the cars made it to a racetrack, and were not stored in a climate-controlled garage for all eternity. If true, the ploy didn't work — only a handful of cars were actually raced with the majority squirreled away by collectors.

A total of 107 cars were produced — meant to be only 100 units but Ford didn't close the order banks fast enough and a few additional orders snuck through that the company was reluctantly obligated to build. All 107 cars were painted the same Vibrant Red color with Opal Gray interiors and were only available with a 5-speed manual transmission.

Today, the 1993 Mustang SVT Cobra R is undisputedly the rarest and most valuable Fox-Body Mustang. According to the valuation website classic.com, the average selling price over the past five years is over $125,000, with some ultra-low mileage examples in the $140,000 range. Just don't expect to blast your favorite 90s tunes while tooling around in one.