Even with the addition of traction control and a high-tech, handbuilt 300-plus horsepower V8, the hottest Ford Mustang available for sale today is, at heart, still a simple animal.  The MO has always been the same–a big motor up front spins the rear tires and propels a small if somewhat voluptuous body forward with as much urgency as possible.  Just like it’s always been.

The latest super-Mustang from Ford’s in-house hot rod group, the Special Vehicle Team (SVT), is still a limited production vehicle, with a total production run of less than 9,000 units planned.  As always, the distinctions separating it from your average Mustang are subtle; a unique “reverse scoop” on the hood, round foglights, and a deeper air intake are the only clues up front.  Careful observers will notice discreet SVT badges and a rear bumper that reads COBRA instead of Mustang, as well.  The taillights are tri-colored, unlike the all-red units on lesser Mustangs.  Big, SVT-only 17″ five-spoke wheels are also part of the package.

The interior is also pure Mustang…for better and for worse.  A high, dual-cockpit cowl and tall sides give the Cobra a bathtubby feeling, even with the top down.  Given the car’s size, it’s a surprise that there’s so little legroom, also.  Don’t put your friends in the back seat, unless they’re very, very good friends.  Considering the over-$33.000 price, the interior could be more distinctive.  The Cobra has improved seats; the new leather seats offer more support than in the past, and have a handsome, suede-like Alcantara insert.  A big, knobby shifter thrusts itself into the driver’s hand, demanding to be manhandled.  Noise is provided by the extremely loud Mach 460 sound system, which now includes an in-dash six-CD changer.

The top drops quickly, with two latches and the press of a button.  That’s what the Cobra convertible is all about; noisy, top-down fun.  There’s some cowl shake, which makes the Cobra feel like a larger car than it is.  It’s far from sluggish; there’s just the feeling of moving a lot of automobile around.  The Cobra doesn’t weigh that much, actually–less than 3500 pounds–but it isn’t light on its feet.

On the road, the Cobra demands attention.  The 320-horsepower, 4.6 liter 32-valve V8 at the driver’s command is a great-sounding engine.  It percolates threateningly below about 3200 rpm, and provides ordnance-level acceleration when a secondary set of air intakes opens up over 3300 rpm.  It revs unusually happily for a good ol’ American V8, and provides plenty of power throughout the range.  Thanks to the engine it’s wrapped around, the Cobra always has a swaggering, “you want a piece of this?” attitude that resonates in the booming exhaust and the way the whole car seems to quiver when the motor’s running.  In the presence of any other performance car, the Cobra seems to be straining at its leash and breathing heavily, like an aggressive dog.  It can take quite a bit of restraint to keep it out of street races.  Thanks to the high-powered engine, the five-speed transmission has a heavy clutch pedal.  It’s easy to bang off quick shifts when necessary.  The hard part is driving “nice,” without surging.  And no, there’s no automatic available.

SVT wants the Cobra to be more than just a straight-line muscle car, however.  After many years of debate, the Cobra finally ditched its archaic solid rear axle setup for an independent rear suspension in 1999.  With a stiffened MacPherson strut suspension in the front, the fully independent setup is unique among Mustangs, found only in the Cobra, and it takes the skittishness out of bumpy corners.  The Cobra handles well, but its weight makes it feel less confident than similar cars from BMW and Mercedes.  The suspension is sports-car stiff, but it’s also not as communicative as it could be.  The Cobra gives one the feeling that there wouldn’t be much warning before a spin-out.

With that in mind, the Cobra has a limited-slip rear differential, which also helps when drag racing.  Anti-lock brakes are standard equipment.  All-speed traction control is also included on every Cobra.  The traction control is intrusive, however, and chops the power off when it detects wheelspin–even a chirped tire when leaving a stoplight prompts that awkward “numb pedal” feeling.  SVT says that the traction control shouldn’t kick in under straight-line acceleration, but we experienced it more than once.  The Cobra is more fun with the traction control turned off.

Just about everything that comes on a Cobra is standard; SVT likes to focus on driving, and thus keeps the options list short.  A spoiler, polished chrome wheels, and floormats are the only options.  Our test car was equipped with all three, which made for a sticker price just shy of $34,000.

Specifications:
All specs are for the 2001 Ford SVT Mustang Cobra, which we tested.
Length:     183.2 in.
Width:        73.1 in.
Wheelbase:    101.3 in.
Curb weight:    3300 (est.)
Cargo space:    7.7 cu.ft.
Base price:    $33,205
Price as tested: $33,825 (est.)
Engine:     4.6 liter DOHC 32-valve V8
Drivetrain:     five-speed manual, rear-wheel drive
Horsepower:     320 @ 6000
Torque:     317 @ 4750
Fuel capacity:    15.7 gal.