That is something I could not pass up if it was me. It dosen't sound like there is all that much work to be done to it from what you discribe. If anything you could always make a profit of it. You could sell it for alot more than 50 bucks as it is right now.
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428 Cobra Jet
SOHC 5.4 3V F-150
96 mystic cobra
91 GT
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