By Dean Larson

For this iteration of "Best Deal on a Cobra Today," we have a complete, running and driving Factory Five Cobra for just $16,000-and it even has paint! The devil’s in the details, but this Cobra’s only clocked 3,100 miles since completion and presents pretty well in photos.

You won’t find this bargain buy on Craigslist. Instead, this Cobra comes from the depths of Facebook, posted to the Billings Area Online Yard Sale and Trade Group. With an asking price of $16K, the yard sale Cobra is the most affordable example we’ve seen yet. It looks to be an early Factory Five build, completed with a 5.0-liter engine and 8.8” rear axle with Traction-Lok differential, all sourced from a Fox-body Mustang. The rear axle has been freshened up with new brake parts, 3.73 gears and axle shafts (the 8.8’s weak link), all from Ford Racing. The Cobra also has a lot of optional equipment, including a convertible top, heater and full bumpers.

The main factor driving the price down on the roadster is easy to identify, spelled out AOD. The AOD is the standard automatic transmission in Fox-body Mustangs, and while it’s not a bad transmission, it’s not what most are looking for in a Cobra replica. If you’re looking for an auto-equipped Cobra, this car is whole lotta bang for your buck. What would we do with the yard sale snake? We’d drop that AOD and pick up a Tremec T5, $1,750 brand new from Forte’s Parts Connection, and some FIA Cobra wheels and adaptors from Trigo for another $1,750. We’d also probably ditch the convertible top in favor of a tonneau cover and contemplate slimming the bumpers down to just the quick-jack points. From there we’d tidy up some odds and ends, sell off the old gear and have a badass Cobra for shy of $20,000-but that’s just us…

If you’re a Cobra guy near Billings, Montana, do us a favor and buy this car so we don’t have to.

Thanks to Pete Ballentine for submitting this find.