In 1978, Mustang was winding down the Mustang II and getting ready for the upcoming third generation Mustang. In its final year of production, Ford gave the Mustang II quite the farewell, launching a limited edition “King Cobra” that was top dog in the pecking order.
The Mustang II King Cobra was Ford’s attempt to return to its high-performance roots, offering not only cosmetic upgrades but also a V8 engine, a bulkier hood, front disc brakes, power steering, and enhancements such as adjustable dampers and an anti-roll bar. The body featured unique decals and black-tinted trim instead of chrome, similar to the Pontiac Firebird Trans-AM.
The 139-hp, 302-cubic-inch 5.0-liter V8 paired with a four-speed manual was the only mechanical option in the Mustang King Cobra, and Ford promised a 0 to 60 mph time of 6.3 seconds and a top speed of 150 mph.
This was a limited edition car with only 4,313 units produced and was priced at $1,277 as a package. It was the most desirable and collectible of Mustang II generation. Nowadays, the Mustang II King Cobra is becoming highly collectible and shooting up in value more than other models on this list, forcing owners to opt for collector car insurance to protect their beloved and increasingly expensive rare Mustang.