Are 98 OEM Cobra rims Aluminum?

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They are not Magnesium. I'm not aware of any Car Makers (since the 60's, when they were tried) using Magnesium wheels on PRODUCTION cars. They do pose a fire hazard, and magnesium is expensize for a street car.
There may be some out there, but definitly NOT a '98 Cobra.
They are likely an "alloy", meaning a composite of different types of metals.
 
a50sn95 said:
They are not Magnesium. I'm not aware of any Car Makers (since the 60's, when they were tried) using Magnesium wheels on PRODUCTION cars.

your Saleens came with Magnesium Wheels and So did some of your C5 Corvettes. Alot of your Exotic cars do also.

But to answer the question the 98 Cobra wheels are Aluminum. All 94+ are minus the V6's in 94-95 With the hubcap wheels like someone mentioned.