I find it interesting that the Snopes article doesn't have any quotes from Jeff, himself, disclaiming this work. They say it doesn't look like his style--but that is not anything more than an opinion--just like the opinion that Jeff Foxworthy did compose it.
I don't know who composed it, but the Snopes analysis seems pretty lame to me.

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1982 300SD " Wotan" ..On the road as of Jan 8, 2007 with Historic Tags