Ford Mustang FR500CJ to cost $70,000, limited to 50 units

FoMoCo is working out the final kinks to release a limited-edition racing car inspired by the 1968 Cobra Jet Mustang. The Ford Mustang FR500CJ recently hit up the Michigan Milan Dragway showing off its skills.

Power for the NHRA-legal drag racer comes from a 5.4L V8 used on the GT500 producing 428-hp.

Ford says that the Mustang FR500CJ will have a limited run of 50 units and will go on sale in December with prices starting at $69,990. Deliveries will begin in February 2009.

Click through to see a video of the 2009 Ford Mustang FR500CJ in action.

2009 Ford Mustang FR500CJ: