That is a Factory Five and one of two I owned. The first was traditional white striped on blue and was really a much nicer vehicle. It had a very hot 347 stroker set up to breath and dynoed at 392 hp to the rear wheels at 6,300 rpm. Becuase it as heavily cammed and had big heads it didn't produce anywhere near as much power as the 390 that was in the red cobra, but it was a much better match for a 2200# pound car. The blue snake also had IRS and traditional 15" rims and rode and handled much nicer.
I bought the red car in the photo from a cash strapped buddy but never really liked it much. He purchased the 351 stroker from a hot rod shop fairly cheaply after the original motor buyer bailed. It had been set up to go into a Ford truck and would have been a great motor for that application, but big low end torque and low rpms are not all that great in a lightweight sports car. It only produced 297 rwhp and was all done by 5,200 rpm, it did however have monsterous midrange torque. It also had a 3 link solid rear axle and that combined with the 17" rims and lower profile tires made for a fairly harsh ride. I only kept it for one summer.
There is a perfect 91 Miata sitting downstairs in the garage now and I bought that with the intention of stuffing a V8 in it right away ...and then started driving it and fell in love with it just as it was. Going from 390 rwhp to about 90 in the same size car was quite a drop, but it is the "happiest" car I have ever owned. I bought it with just over 50K on the odometer and now it has closer to 150 and is begining to feel tired. One of these winter days a truck with a new 525 hp LS3 crate motor is bound to show up in my driveway
