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NOT CONTENT with the customer stampede to its new Mustang, and perhaps stung by criticism that the GT model couldn’t cut it against Chevy’s Z-28 Camaro, Ford sends us the Cobra.

Like its predecessors, this is a zooted-up version of the Mustang GT, which already delivers 215 horsepower with its 5-liter V-8 engine.

Tweaking by Ford’s special vehicle team adds 25 more horses, for a total of 240. That puts the Cobra squarely up against the Z-28. But it also kicks the price upward – not that it will matter much to the 6,000 or so Mustang lusters who covet Cobras.

The tester started out at $21,240 and topped out at $24,020. That included leather seats, remote locking, cruise control, power locks, windows and mirrors, air conditioning and a roof-bending “Mach 460” stereo.

With its five-spoke alloy wheels, an unusual rear-deck spoiler and tasteful but menacing Cobra emblems on its flanks, there is no question this is the best-looking of all the Mustangs.

It also is more refined and easier to drive than earlier Cobras. The clutch action is fairly light, and the five-speed shifter has a gentle and accurate touch.

As a result, the Cobra is easy to launch smoothly. There’s no need to slip the clutch and there is little susceptibility to low-speed shudders. But it’s not a neck-snapper. The speed builds steadily and almost imperceptibly, except for the musical rumbles and whines from the engine and gearbox. Sixty miles an hour comes up in about six seconds.

Handling on smooth surfaces is crisp and precise. But the rear suspension gets flustered easily on rough pavement, especially around corners.

Inside, the front bucket seats – as on other Mustangs – continue to be out of character with the rest of the car. They are squishy soft and offer almost no lateral support for spirited driving.

Moreover, the ergonomics seem oddly out of kilter. To get the reach to the pedals and steering wheel in sync, the seatbacks must be sharply reclined. Serious enthusiasts with extra money to spend might want to investigate aftermarket sport seats.

Despite its shortcomings, the Cobra still is the ultimate Mustang to its dedicated band of followers, and never mind that the Z-28 is slightly quicker and has a six-speed gearbox. In the end, the only thing that matters is that prancing pony on the nose and those coiled snakes on the sides.

1995 Ford Mustang Cobra
Engine: 5-liter V-8, 240 horsepower.
Transmission: 5-speed manual, rear-wheel drive.
Overall Length: 15 feet 2 inches.
EPA interior and trunk volume: 11 cubic feet.
Weight: 3,365 pounds.
EPA fuel consumption: 17 mpg city, 25 highway.