11,217 Mile Mustang Cobra Convertible Indy 500 Pace Car

There’s no question that the Fox-platform Mustangs were getting awfully long in the tooth by the early ‘90s. Ford embarked on a mission to rejuvenate the Mustang, yet wanted to keep ties to the past stylistically. The result was the 1994 Mustang, which featured a more rigid body structure, revised engines and suspensions, as well as much-needed 4-wheel disc brakes. The top-of-the-line Mustang in 1994 was the Cobra, which featured more power, bigger tires, bigger brakes, and a revised suspension that made it the ultimate factory Mustang. And because of its near-revolutionary changes, the Cobra convertible was selected to pace the 1994 Indianapolis 500. Ford built 1000 pace car replicas, with this beautiful, fully documented, 11,217-mile example being #200.

By 1994, everyone knew that Indy Pace Cars were pretty good places to park some money, and when it was a ground-breaking model like the new Mustang, it looked like a good idea to pick one up as an investment. This one has been driving sparingly, enough to keep it healthy, but was obviously never a daily driver or anything but a fair-weather toy. The Rio Red paint is 100% original, the body panels have never been hit, and it still wears the dealer-applied Pace Car decals on the doors, front fenders, and quarter panels (decals were shipped with every car, but not always installed). The new Mustang was a well-assembled machine, and the extensive upgrades over the previous generation cars is tangible in every part of the car, from the way the doors open and close, to the rigidity of the steering column as the car drives down the road. The Cobra received its own special front fascia that used distinctive round driving lights instead of the standard GT’s more rectangular pieces, and the rear bumper cover spells out COBRA instead of MUSTANG. Coiled snake emblems on the front fenders were installed as a subtle reminder that the car is not a garden-variety Mustang.

A big part of the Cobra’s uniqueness is due to the revised 5.0 liter V8 engine, which was rated at 240 horsepower. Ford was playing fast and loose with horsepower numbers in the early 1990s, changing them without actually changing the engines, so it’s hard to say what kind of numbers this one really puts out. Thanks to revised GT40 heads, a new intake manifold with revised runners, a different camshaft, roller rockers, a bigger throttle body, larger fuel injectors, and a revised engine calibration, it was notably more powerful than the standard 5.0 and worked better at high RPM than the base engine. The engine bay sill looks fresh off the assembly line, and all the original decals and markings are still present. The first thing most guys throw away is the rubber cover over the distributor, but it remains in place and intact, along with the original plug wires, hoses, clamps, and even the serpentine belt. In fact, it appears that other than fluids, the only non-original piece in the engine bay is the battery. Fortunately, with 11,000 miles on the clock, this is not one of those zero-mile nightmare cars that looks great but barely runs and needs massive reconditioning to get back on the road. #200 has been properly exercised and maintained to keep it in peak mechanical condition, and it starts with that characteristic Mustang rumble from the stock exhaust and drives beautifully. And as thousands of enthusiasts have already discovered, these are incredibly durable, reliable cars that will take a beating and come back for more.

The only transmission available in your Cobra Mustang was a 5-speed manual driving an 8.8-inch rear axle. In Cobras, the standard rear axle ratio was 3.08, and a Track-Lok limited slip was included. The suspension was the tried-and-true Mustang setup, with struts and lower control arms up front, and Ford’s “Quadra-Shock” setup in back, with a second pair of horizontal shocks designed to control axle hop. The 1994 Mustang received substantial upgrades to the body tub, making the convertible incredibly rigid compared to its forbearers, and this one is tight and rattle-free. The brakes on the Cobra were upgraded to 13-inch front discs with 2-piston PBR calipers, while out back, 11-inch discs replaced the Fox platform’s antiquated drums. To make the Cobra even more unique, the 17-inch aluminum wheels featured charcoal gray inserts between the spokes, and it wears tires that are one size larger than the standard Mustang, 255/45/17 Goodyear Eagle GS-Cs.

Tan leather was the only choice with your Pace Car, and the new Mustang’s interior was a slam-dunk. The deep bucket seats are supportive and comfortable, and the dual cockpit design was intended to be reminiscent of the first generation Mustang. In this car, only the front seats show any signs of use, and it’s entirely in line with the age and mileage of the car. Carpets are excellent, and the door panels are as new. All the gauges are fully functional, and on the Cobra, they had white faces instead of the standard black. Indianapolis 500 logos were embroidered into the seat backs as part of the pace car package. All pace cars were loaded with things like power windows, power locks, cruise control, A/C, and a powerful stereo system. Custom Cobra-logo floor mats were included as well. The tan convertible top is power actuated with a glass rear window, and a matching tan boot that installs easily hides it. This car also features an aftermarket roll bar (the manufacturer calls it a light bar because it is not structural) that adds a sporty look that’s more akin to the actual pace cars used at the track.

Documentation includes the original window sticker, 1994 Mustang brochures, owner’s manuals, warranty booklet, stereo guide, maintenance book, and tire warranty information. Pace cars also received a special authentication certificate as one of 1000 pace car replicas built, and this one is documented as #200.

There are two ways to look at this car. One, you can look at it as an investment and put this pace car away for the future, which is not a bad idea at all. Or, like the original owner, you can look at it as a fun machine that’s awesome to drive, treat it well and limit your driving, and still have a rare car that will always be worth more than its assembly line brothers. Mustang convertibles have always been great cars to drive, and the 1994 redesign has aged well—it still looks contemporary and handsome, and performance is impressive by anyone’s standards. So you have a decision to make, but don’t wait long, because Mustang convertibles NEVER last long here at RK Motors Charlotte. Summer’s coming and these are the official vehicles of warm weather. Call today!