T45 5spd, has ABS, no traction control
Differences from GT:
BODY/INTERIOR:
Unique front bumper cover (round fog lights)
Unique hood (centered, more pronounced nostrils)
Cobra/SVT badging
COBRA debossed in rear bumper cover (as opposed to MUSTANG GT)
COBRA on steering wheel (GT = running pony)
MECHANICAL:
4.6L DOHC 32V V8, 305hp 300tq, commonly known as the 4V 4.6 (GT = 4.6L SOHC 16V V8, or 2V 4.6, 215hp 285tq)
Trans and Rear shared with GT (T45 5-Speed/8.8 3.27 traction-lock rear)
13" front brakes (11" on GT)
I might be forgetting a couple things, but thats the bulk of it. There is no comparison performance-wise between a 97 GT and a 97 Cobra, stock for stock.
Redrooster did have a good point in that if your friend has ever owned or driven a modded 5.0, the Cobra may feel a little soft on power. The way it comes on is totally different. It isnt particularly strong in the low RPM's but it really screams past 3500. The Cobra will feel totally different compared to your car, probably a little weaker off the line. But it will also ride better and smoother, with less noise...partly because it weighs about 400lbs more. It depends on what he likes and wants out of a car. If $$ is an issue, he should consider a fox 5.0 in the $4000-5000 range which in some cases are either, somewhat modded or very clean. Then he can spend $ modding and personalizing it how he wants, as opposed to dropping $10-11k on a Cobra. But again, its all based on his taste.