The GT500 is a beautiful car. There are no quarter window or side scoops; SVT Director Hau Thai-Tang likes a clean design and those tacked-on scoops would only decrease rear visibility and increase drag. Instead, attention was paid to performance, handling, and interior appointments.

The press release says that the Shelby Cobra GT500’s 5.4L supercharged V-8 makes “450-plus-horsepower.” SVT worked with Ford Racing and the FR500C “Boy Racer” Grand American race team to develop suspension that would manage the power and keep price low. In the slalom, the 300-horsepower live axle 2005 Mustang GT already out performs the 350-horsepower 2004 IRS-equipped Pontiac GTO, and the 2005 Mustang Grand Am racers are consistently outperforming IRS cars like BMW M3s and Cadillac CTS-Vs on the race track, so the decision was made to equip the Shelby Cobra GT500 with a live axle, saving $5000 off MSRP. The car rides on 19 x 9.5” wheels wrapped in P255/45ZR19 high-performance tires. Stopping power is provided by 14-inch cross-drilled Brembo brake rotors up front clamped by four-piston aluminum calipers. The rear features 13-inch discs with two-piston calipers.

On the outside, the first thing you’ll notice about the Shelby is its aggressive nose. Adapted from the 2005 Mustang GT-R prototype, the grille is shaped like the 1968 Shelby’s and SVT trademark round fog lamps are mounted low on the bumper. A functional splitter improves aerodynamics. SVT created a new Cobra logo based on the 1968 design, and placed one in the grille offset to the right and on each fender. The emblems are much larger than on recent Cobras. The “powerdome” hood is equipped with functional heat extractors, and optional Le Mans stripes run from the bottom of the front bumper to the bottom of the rear bumper.

Leather accents the interior from top to bottom. The dash pad, steering wheel, door panels, and console are trimmed in leather. Red inserts highlight the seats, and a Shelby Cobra GT500 medallion is located in the middle of the steering wheel. The 160-mph speedometer is on the left and the tach is on the right—opposite of the V6 and GT’s setup. The gauges utilize the popular MyColor feature which allows the owner to choose from one of 125 colors for his or her instrument panel. The leather treatment will be an option on other 2007 model Mustangs.

In the back, a low-profile decklid spoiler provides downforce at high speeds and includes an integrated third brake light. Just below that “SHELBY” is spelled out in large badges, and the “gas cap” medallion features a Shelby Cobra GT500 logo.

I was disappointed that the car uses the standard Mustang taillights. After Ford used the GT-R to prove that the wider sequential taillights from the concept cars would fit the production Mustang, I thought for sure they’d add them to the Cobra, but Thai-Tang reasoned that using those lights would require developing an expensive new decklid. At the very least, I hope they make the rear turn signals sequential.

SVT will team up with Ford Racing Performance parts to offer several upgrades including body parts, wheels, and suspension for Shelby owners to personalize their cars.

Production of the Shelby Cobra GT500 begins in Summer 2006, and the car will be available for purchase in Fall 2006 as a 2007 model. Fewer than 7500 units will be produced in each year of the two- to three-year production run. Only SVT dealerships like Town & Country Ford will be able to sell the Shelby.