Oh, by the way
ace2600, you won't be able to get any real Cobra in decent shape with that amount of money.
The Cobra's are limited production collectors cars in a lot of cases, especially the 5.0 Cobras and the 1993 in particular.
The 1994-1995 GT's are identical, so I'd focus on getting either year. You should be able to find one with decent mileage 60k-80k for about $7000 comin up here real quick. With the additional $4000 you can put it into the 12's no problems. Possibly the 11's. If the price is 10k, make an offer of 7k and walk if they don't take it. They will NOT be able to move a Mustang GT off the lot during the winter in the snow states, and they are more than likely to take your offer just to get rid of it.