1978 Ford Mustang
Second generation · Mustang II 1974–1978
The Mustang II — a smaller, more economical Pinto-based car for the oil-crisis era, built 1974–1978.
Photo: “1978 Ford Mustang Cobra II (28337688226)” by Greg Gjerdingen from Willmar, USA / Wikimedia Commons , licensed under CC BY 2.0 . Cropped to 16:9.
The 1978 model year
Overview
The Mustang II's send-off year, and its most theatrical. Ford launched the limited-edition King Cobra — a deep front air dam, bold stripes, and a Trans-Am-style snake decal sprawled across the hood — available only with the 302 V8. It was more show than go, but it gave the generation a memorable finale before the all-new Fox-body Mustang arrived for 1979. (Horsepower figures are SAE net; the 302 V8's 1978 net rating is reported inconsistently across period sources and is omitted here.)
Specifications
- Engines
-
- 140 cu in (2.3 L) I4 (base)
- 171 cu in (2.8 L) V6
- 302 cu in (4.9 L) V8 (2-bbl; required for the King Cobra)
- Transmissions
- 4-speed manual, C3 3-speed automatic
- Body styles
- 2-door coupe (hardtop), 3-door hatchback (2+2)
- Dimensions
- Wheelbase 96.2 in · Length 175.0 in · Width 70.2 in
- Base price
- $3,824 (base coupe) ≈$18,400 today (inflation-adjusted) Original MSRP adjusted for inflation (CPI, 2024); not the car's current market/collector value. Source: U.S. Bureau of Labor Statistics, CPI-U (U.S. city average, all items), annual average.
- Production
- 192,410 (model year)
Year over year
What changed
- The limited-edition King Cobra debuted — a deep front air dam, bold side and hood stripes, and a large Trans-Am-style snake decal on the hood; offered only with the 302 V8 and a four-speed manual.
- The Cobra II carried the revised single-stripe, "COBRA"-lettered graphics introduced late in 1977.
- A Fashion Accessory Package added striped "Fresno cloth" seating aimed at a different buyer.
- Final model year for the Mustang II; the Fox-body Mustang replaced it for 1979.
Living with it
Reliability & ownership notes
- The King Cobra's value rests heavily on originality — verify the decals, air dam, and that it is a genuine V8 car, since the package was decals-and-trim over standard Mustang II mechanicals.
- Standard generation checks: rust in floors, lower body, and subframe; condition of the V8 and four-speed.
- Parts support remains good through shared Mustang II/Pinto components.
Worth knowing
Notable
- The King Cobra is the headline Mustang II collectible — only 4,313 were built, marketed as Ford's answer to the Pontiac Trans Am.
- Production rose to 192,410 for the final model year.
- Last year before the Fox-body redesign, giving 1978 "end of an era" appeal for the generation.
Famous variants this year
Sources
Other Second generation years
Explore the Mustang II generation → All Second generation · Mustang II years →