Is the Cobra R Really Worth $120,000 in Today’s Market?
Low-mileage Cobra R with a $119,500 price tag leaves us unsure as to whether or not this is a reasonable price in today’s crazy market.
Obviously, the Cobra R needs to introduction. If the instantly recognizable Performance Red paint job doesn’t give it away, the front lip and iconic rear wing certainly will. With a blistering zero to 60 mile per hour sprint in just 4.7-seconds and a 170 mile per hour top speed, the Cobra R was nothing short of a rocket ship for its time. Furthermore, only 300 exist. While that all adds up perfectly fine for a high valuation, we can’t help but feel we blinked and the cost of one of these icons doubled.
For example, this gorgeous Cobra R with only 821 original miles is for sale via Classic Auto Mall. Of course, its low mileage is the most significant selling point. Additionally, though, it’s been in climate-controlled storage for the past 15 years. Indeed, this R is the textbook definition of a time capsule. However, it feels like it wasn’t that long ago that you could grab one in similar condition for a fraction of that price. We’re well aware of the upturn in the used car market, but did our beloved red hero really take this sharp of an upturn?
Oh Yeah, 2019 Was Two Years Ago
A stroll through the sales history on the godsend automotive auction website Bring A Trailer reminds us that we aren’t totally insane. For example, in June 2019, a Cobra R with only 681 original miles on it sold for $63,000. That’s almost half the price of the Classic Auto Mall car with 140 fewer miles!
Another example is this 1,300 mile R that sold for $54,500 in October 2019. Reading these auctions back sure makes it feel like 2019 wasn’t all that long ago. However, two years is a lot of time for a market adjustment. Could it be that we’re just behind the times and haven’t kept up with the prices? Perhaps we’re even bitter that what not too long ago seemed like a somewhat reasonably attainable dream machine just got an era-appropriate Mark McGwire bash out of our home field/tax bracket and into one five counties over.
Unfortunately, we have some bad news if you’re not a Cobra R owner.
Unless You’ve Got Six Figures To Blow, You Missed the Cobra R Boat
While the $119,500 asking price might be just a tad lofty, it isn’t nearly as far off as you (or we) want it to be. The proof is in the Bring A Trailer branded pudding.
In June of 2021, a 2000 SVT Cobra R with 1,600 miles on it crossed the auction block and sold with a final hammer price of $102,269. You’re not misreading that, just two years after the first car we mentioned sold, one with twice the mileage sold for nearly twice the price. Furthermore, another example failed to sell as it did not meet its reserve with a bid of $72,500, despite it having 2,800 miles on the clock.
So, Classic Auto Mall’s price of $119,500 seems a whole lot more reasonable than it did before a bit of research. Considering the extra low mileage and its beautifully maintained condition, we wouldn’t at all be shocked to see them get at least very close to that asking price.
So, if your hopes of owning one of these legends have gone with the wind, it’s okay to cry. Just know that we’re in the same boat crying alongside you.
Photos: Classic Auto Mall