Realistically, the thing that made the Shelby 427 Cobra so great was that it took the best of American cars (huge V8) and combined it with the best of British cars (lightweight roadster). If you've ever wondered what would happen if someone tried to capture that same lightning in a bottle, only using an Italian body, you should definitely check out the Puritalia 427.
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To answer the first glaring question that's undoubtedly in your head, no, the 427 isn't really a 427. Instead, it's got a tweaked version of the Mustang's V8, so it's basically a Puritalia 302. But that really doesn't matter. Indeed, 445 hp in stock trim is plenty on a 2,500 pound car. And the 605 hp version? That's just sheer lovely lunacy.
Of course fast and lightweight cars have been done before, but the 427's different. It's modern in design and materials (the whole skin is carbon fiber) and the company's aim is to make the car supremely fit for daily driver duty.