Video highlights of this vehicle

What Is It?
2007 Ford Shelby Cobra GT500

What's Special About It?
Now that Ford is on the good side of legendary car builder Carroll Shelby, it never misses an opportunity to trot him out alongside one of its latest creations to lend a little credibility. Carroll's presence at the GT500 press conference was no surprise this time around as SVT's latest Mustang project bears his name right on its winged trunk lid.

Scheduled for production in the summer of 2006, the Shelby Cobra GT500 borrows its name from one of the best-known Mustangs of the late '60s. But unlike the original GT500s, which were powered by large displacement, normally aspirated V8s, the 21st-century version uses a supercharged 5.4-liter V8.

Four valve aluminum heads borrowed from Ford's GT program allow the supercharger's 8.5 pounds of boost to flow smoothly while a T56 six-speed manual transmission gets the power to the ground.

How much power? Official numbers have yet to be finalized, but Ford officials said to expect more than 450 horsepower and at least 450 pound-feet of torque.

Unlike the last SVT Mustang, the GT500 sticks with a solid axle rear suspension. When we asked Hau Tai Tang, director of SVT, why it chose to stay with the straight axle instead of a more modern independent design he said IRS wasn't necessary. "We've raced the new Mustang chassis against competitors with IRS and beat them, so we know you don't need an independent rear end to get the kind of performance we want."

Although the 19-inch wheels look more like show car specials than production-ready metal, the race-ready Brembo brakes are promised for production. With 14-inch cross-drilled rotors up front and 13-inch discs in back, the GT500 should have more than enough bite to keep it competitive with the Z06s of the world.

Interior upgrades are part of the package as well. Black leather is everywhere; from the dash and door panels to the shifter and snake embroidered seats. Hau Tai Tang told us that SVT customers expect a higher level of quality and refinement, and given the GT500's expected price of around $40,000 they should.

What's Edmunds' Take?
SVT needs this Mustang and needs it fast. The GT supercar is nice to look at, but unless you're Jay Leno or at least have Jay Leno's money you're not getting anywhere near one. If this Mustang can come through on its promises, it should put SVT squarely back on the map of enthusiasts who have had to look elsewhere lately. — Ed Hellwig