FROM THE CLASSIFIEDS: Ford Falcon Cobra

Arguably the last of Ford's golden era muscle cars in Australia was the 1978 Cobra – an arrestingly presented version of the XC Falcon hardtop coupe that scored a memorable one-two formation finish at the 1977 Bathurst 1000 in the hands of Allan Moffat, Jacky Ickx, Alan Hamilton and Colin Bond.

Painted in white with bold blue racing stripes and featuring Cobra emblems in the front wheel arches, the limited-build, individually numbered hardtops are said to have been built up from 400 coupe body shells remaining after Ford stopped production of the model in 1978.

None other than Edsel Ford II is credited with the decision to build the blatantly American Cobras. Various proposals about how to utilise the 400 body shells were touted before the first prototype was built early in the same year.

Depending on where a particular Cobra fitted into the model run, it could be a brutal, race-ready coupe dubbed Option 97 and wielding Ford's 5.8-litre (351 cubic inch) Cleveland V8, twin thermostatic fans, an oil cooler and racing seats, or a milder but virtually identical-looking 4.9-litre (302 cubic inch) V8 version driving through the de rigueur three-speed auto transmission. The highly sought-after Option 97 Cobra was limited to build numbers 2 to 31.

Ford built 200 each of 351 and 302-engined Cobras, but just 80 had four-speed manual transmission, with auto transmissions used on the rest, divided between 302s and 351s. The story is that production of the Cobra hardtops was a bit random, with a lot of variation in the specs according to what was available at the time, including items like large or regular-size fuel tanks.

They, however, were a little more sophisticated than early-edition Falcon GTs, with four-wheel disc brakes and limited-slip differentials, although the live rear axles were still suspended on primitive leaf springs. All Cobras came with the signature 15-inch five-spoke Globe alloy wheels, bonnet scoops and front and rear spoilers, while Option 97 versions were easily identified by a hulking, rear-opening bonnet bulge.

Quoted factory power outputs were mild by today's standards, with the 302 producing 151kW/364Nm and the 351 162kW/429Nm. Even so the Cobra was fast enough. The 351 manual version which had a quoted top speed of 204km/h.

Like any early Australian muscle car, Cobras don't come cheap these days, although the asking prices vary according to the specification and condition.

This 1978 manual-transmission 351 Cobra is build number 35 and is about as good as you'd find anywhere according to its owner, who lives in country Victoria.

He has had the "concourse" Cobra for five years, and bought it after a long search for a manual car. A friend told him about an acquaintance who had just finished a full 351 manual Cobra restoration, which led him to a virtually instant decision, once seeing the car, to buy it.

The car is so special that he avoids concourse events and the like. "I would not show it in public," he says, even if it is a potential concourse winner.

About the only thing he has done since buying the Cobra in 2006 is replace the single-plate clutch with the real item – a no-nonsense twin-plater.

And the price? The figure is $175,000 which, according to the owner is not expensive given that some top-end restorers ask for $180,000, plus the car, to do a full rebuild.

Looking at the prices of other hot Fords from the past are bringing, where more than half a million has been known to change hands for a Phase Three Falcon GTHO, puts it in to perspective.