If it's a real King Cobra it's a 78 (the only year they were produced). As with all the Mustang II options the King Cobra package was strictly an appearance package and did not include any high performance engine upgrades.

Of all the Mustang IIs the Kings command the highest price (and if this one is in decent shape the asking price in in the correct ball park. Most parts are still readily available for these cars either through the aftermarket or on E Bay. The major exceptions are V8 motormounts (although there is a guy on www.mustangii.net that is apparently starting to make these) and replacement decal packages.

All in all they are not a bad little car, a little underpowered but the engine responds as well to preformance upgrades as any other 302. The transmission is a standard Ford C4 but with a Mustang II only smaller bellhousing and flexplate. The rear end will be an 8" unit.