The Alvarez 5038 model had a Wildwood Cutaway, Cedar top, Ovangkol back and sides. Maple body binding and wood multi-layered top inlay.

The rounded cutaway was designed for easy playing. Deluxe gold die cast tuning gears with amber buttons. Satin finish.

The recommended retail price in 1984 was $325.

Earlier (1970's) models of the 5038 featured maple sides and back, and a spruce top. No cutaway.