The homologation modifications included rear wheel wells that were deepened inboard by 1 inch to accommodate larger racing wheels and tyres, a reverse bonnet scoop to allow the race car engines to draw cool air from the base of the windscreen, twin electric fans that were switchable from the dash (replacing the single engine-driven fan), a front shocker tower brace ("K brace") that stiffened the front end, an idler arm brace, and an aero package including a rear "blade" spoiler (similar to that used on the 2-door Holden Torana A9X) and a front air dam.

[1] When final production of the XC Hardtop at the Broadmeadows Assembly Plant was ending in March 1978, more than 400 body shells were left unsold and Ford Australia faced a dilemma of how to shift them, rather than scrap them.

Standard equipment included four-wheel disc brakes, limited slip differential, 15-inch Bathurst Globe wheels, front & rear spoilers and dual exhaust.

Cars numbered from 002 to 0031 were known as Option 97 specification, the so-called "Bathurst Cobras", fitted with parts to allow homologation for racing, including twin radiator fans switchable from the dash, a gearbox oil cooler, suspension bracing and reworked rear wheel body housings.

Falcon Cobras have become increasingly revered by collectors across Australia and a mint example might be worth upwards of $100,000 ... with Option 97 cars (rarely offered up for sale) likely to fetch a further premium.

In January 2019, Falcon Cobra 400 won the “Top Authentic” class in the Elite Division at Summernats in Canberra, and was featured in the April 2, 2020 edition of Unique Cars magazine.

At the 2007 Bathurst 1000, Ford Performance Vehicles unveiled a new limited edition Cobra, celebrating 30 years since Moffat and Bond's 1-2 finish.