Opinions and used values on 2003/2004 Mustang Cobra Convertible?

Mar 22, 2011
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#1
I am looking for a Mustang GT or Cobra Convertible.

I was doing a lot of researching and I came across a few articles that say the 2003/2004 Cobra 'aka Terminator' is a GREAT car with ton's of supercharged power.

I like the body style from this generation the best. I'm just wondering, am I better off looking for just a standard GT Convertible or is the Cobra Convertible really worth the extra money?

what sorta of used pricing does a 2003/2004 Cobra Convertible with low mileage (sub 40k miles) usually go for in good condition?

how does that compare to the same year/mileage GT Convertible?

sorry for the newbie questions.. I just want to be an informed buyer :)
 
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Gearbanger 101

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#2
The Cobra is twice the car the GT is. It has a considerably tougher, more powerful 4-valve engine, factory supercharged, tougher 6-speed trans, more comfortable seats, nicer interior and body accents, bigger brakes, independant rear suspension, beefier wheels and tires, etc, etc.

You get sooooo much more for your money when buying a Cobra than just the additional horsepower.
 

N8Dogg98

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#3
99-04 GT Mustangs are relatively unchanged with minor interior differences (different stereo in some years) and minor exterior differences (different headlight housings). They are very reliable cars and if you're looking for a convertable expect to pay between $10-14K depending on the model year.

A '03-04 Cobra convertable will cost you considerably more money. They are also becoming difficult to come by un-modded. Expect to spend around $20-24K. They are great cars though and have better brakes, IRS, 6 speed transmission, better seats, and a engine that is damn near bullet proof. If you do decide to go the Cobra route, do your research ahead of time. There is a great FAQ in the SVT section of this forum that provides good instructions/guidelines on what to look for if you plan on buying one.

Good luck :nice:
 

sneaky98gt

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#4
The Cobra is MUCH more car, as gearbanger explained, but will also cost a good bit more.

You can expect to pay $20,000-$23,000 for a Cobra in good condition with low miles, versus $7,000-$10,000 for a similar GT.

Is all of the extra performance from the Cobra worth the extra money? Definitely. Do you have to spend that much on a car that will satisfy you? Your decision.
 

N8Dogg98

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#5
I'll put it this way. Everyone on this site who own's a GT or an earlier Cobra, wishes they had a Terminator :D
 
Mar 22, 2011
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#7
the other car I'm comparing to that I'm still on the fence about buying is around a 2001 model year Corvette Z06..

now how does the 2003/2004 Cobra vert compare to the Corvettes of this time?

I'm even interested to know how the new model Corvettes would do against a terminator? I'm sure the new Z06's would kill it on a drag race or in the twisties, but what about the standard 430hp new Corvette? that sounds like it might be a pretty decent battle.

I like the look of both cars.. I just don't know which way to go if I am going to be spending 20-23k.
 
Mar 22, 2011
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#8
is this a good deal for $19k ???

For sale is a perfect condition silver 2003 Mustang Cobra Convertible with a black roof and a black leather interior with grey suede in the seats. I am asking $19,400 firm. Title is in hand and there are no loans or anything against the car. It has just about 26k miles on it and runs absolutely perfectly. Before I had the car it was garaged kept. Only thing it needs is a new catalytic converter but it's irrelevant so I never opted to get it. As far as cosmetic flaws go there is a scratch on the rear bumper and a scratch (about a inch and a half) under the driver-side door. Other than that everything is perfect. Car starts right up in warm or cold weather. The rear window and small passenger windows are tinted (the tint on the front windows had to come off for inspection purposes). I only use premium gas and I change the oil with synthetic only every 2800 miles and I clean the air filter every couple of months. There are no rips or tears in the roof or seats or leaking of any kind. The car is also equipped with Lowjack for added comfort. Furthermore the car does have a variety of things done to it. This includes:

Interior/Looks:
-Aftermarket 17” Cobra rims with Nitto 315/35/17 tires on the rear and Nitto fronts
-Chrome knobs
-Black rear bumper inserts
-Chrome stylish Cobra emblem in front grille
-10th anniversary shift knob and boot
-Interior carbon fiber finish
-Steering wheel pillar boost gauge
-Front mount tachometer
-Black styling bar with brake light

Engine/Performance:
- Magnaflow exhaust system
-2.5 H-pipe (not sure of the make of the headers or mid-pipe)
-TR6 Spark Plugs
-BBK Cold air kit
-Single blade throttle body and plenum
-Full length sub-frame connectors
-100mm Idler kit
-JDM Heat Exchanger
-2.80 Upper Pulley kit
-Rear adjustable shocks
-Computer chip (Tuned by Dyno)

There is more done to it I believe but the owner before me is the one who had all this done to the car and I can’t remember what else there was. Total for everything put into the car is around $9000+. Make no mistake, this car is very fast. I would not suggest it for a first time driver. This car was dynod at 487.10 RWHP and 504.24 RWTQ. I have the dyno report in hand as well as most of the receipts for the parts installed. I also have the original window sticker and the cars original certificate. Overall this car has it all and is perfect for someone who is looking to buy a terminator Cobra with all the add-on parts already done to it.
 

Gearbanger 101

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#9
the other car I'm comparing to that I'm still on the fence about buying is around a 2001 model year Corvette Z06..

now how does the 2003/2004 Cobra vert compare to the Corvettes of this time?

I'm even interested to know how the new model Corvettes would do against a terminator? I'm sure the new Z06's would kill it on a drag race or in the twisties, but what about the standard 430hp new Corvette? that sounds like it might be a pretty decent battle.

I like the look of both cars.. I just don't know which way to go if I am going to be spending 20-23k.
There is no comparison. The Z06 is a purpose built sports car. The '03-'04 Cobra is an everyman car.

The two are fairly close in a straight line drag race...with the edge going to the Z06, but in every other category, the Vette wins by leaps and bounds.

The standard C5 of that generation would be a closer comparison to the Cobra and even it will show the Cobra its tail lights in every category but acceleration. The C6 would be close as far as acceleration goes, but again....bests the Cobra in every other category.
 

N8Dogg98

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#10
I'd probably buy the terminator, simply because I love the look of them and around here there is a old-man/midlife crisis identity associated with owning a Vette.

However, stock for stock the Corvette Z06 will outhandle and out accellerate the Cobra. The vette is lighter and has a more advanced suspension.
 
Mar 22, 2011
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#11
how does the terminator compare to the newer style Mustangs? and how about the new 5.0 Mustangs?
 

N8Dogg98

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#12
how does the terminator compare to the newer style Mustangs? and how about the new 5.0 Mustangs?
IMO, the new 5.0 > the Terminator. It will most definitely out handle the Terminator and I'm willing to bet a drag race between the two would be really close. The new 5.0 is also leaps and bounds ahead of the Terminator with respect to fit and finish, interior materials, NVH, etc...
 
Mar 22, 2011
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#13
hmmm really? doesn't the terminator have more horsepower and torque over the new 5.0?
 

N8Dogg98

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#14
They are both really close. I'm willing to bet the termi puts down around 360 RWHP and so does the new 5.0.
 
Mar 21, 2011
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#15
The Cobra is the hands-down choice over the GT, for all of the reasons listed above: forged internals, PD blower from the factory, IRS, T-56. If you want more power you just swap pulleys. In contrast you have to spend a lot more to get high performance out of the GT's 2V. If you don't care that much about the power difference between the cars, or even modifying the cars at all then the GT would be a better choice since it's cheaper and still a great car. IMO the Cobra looks way better than the GT too.
 

LarsD

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#16
The 03/04 Cobra's are awesome cars, however. You must remember they are still built off of a 78 Fairmont chassis, and that just isn't going to compare to a C5/C6 Vette, S197, etc.