I wanted a Cobra the year I bought my GT (it's a 2000, they didn't make Corba's that year), however I am very happy I had to "settle" for a GT. Out the door I paid $22.5k for a loaded car and I've put less than $5k into with a Vortech blower and the million parts it came with (K&N air filter, upgraded injectors, fuel pump, computer chip, etc, etc). The Vortech cost me $3800, including installation. I spent another $900 for a complete new exhaust system (manifold back, 2.5" X-pipes and MagnaFlow mufflers). I easily beat stock and not so stock pre-'03 Cobras, haven't come across any '03's but the latest Road and Track tested it and it's quarter mile time is about what I do (13.3 @ 108mph, I just ran 13.2 @ 107, and I hate to admit I suck as a driver). I am still running a 3.27 gear in the rear, soon to be upgraded to 3.73's ('03 Cobra's have 3.55's) and I am in dire need of a dyno-tune as I had the exhaust work done after the supercharger and associated computer tuning. So for about $27k I'm at about the performance level of the new $35k Cobra's. I do love those new Cobra's, but man $35k for a Mustang? I know it's a beast, and a beautiful one at that, but you can create your own beast, and not break the bank!
Something else to consider. If you are not a strong hands-on guy with your car (if it's not fluids and plugs, I don't touch it), and you plan on having any heavy duty mods done, be it on a Cobra or GT, I'd be sure to find a good speed shop able to do your work. One that is very Ford experienced.
Good luck! No matter which way you go you'll end up with a great car which is a blast to drive!
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