The 1996-1998 Cobra's were rated at 305hp and they had solid axles for better reliability under extreame applications.
The 1999 Cobra with the fix should basically be exactly the same as the 2001 Cobra.
A Saleen S351 has some psychotic power levels, you may be able to pick a used one up for around the price of a new Cobra. Now you're talking a 6spd with 495-520hp.
If you were looking to build an outrageously fast Mustang, get a 1996-1998 Cobra, put 3.73's or 4.10's on it and add a decent supercharger. With a decent suspension for launching, exhaust, and drag radials you should be in the 11's. All day, everyday.
If you need to go faster than 11's, which will blast almost all the LS1's you'll meet, probably all the rice you'll ever meet, and well, everything else on the street too, you've got issues.
Still you can if you add some more power to the Cobra. It's one badass engine. Ford doesn't get nearly the amount of credit they should for it. 4.6L DOHC 32v V-8. It runs on 16v until the rpms hit 4000 or 4500, then the valvetrain starts the second set of valves. Cool as hell!
Oh, as far as reliability is concerned, the Mustang is about as good as you can get in a sportscar market. Also, the 4.6DOHC motor went in the Lincoln Mark VIII's, they don't put junk motors in Lincoln's.
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