Unless you're just queer for that year Cobra, I'd pass. The first gen. 4.6's had their problems, and plenty of them. Oiling issues with the top end, weak connecting rods, etc... Now I'm not sure if the Cobra motors were the same, but I passed on getting a '96 and bought a '95 with the good old 5.0 4 years ago when I started looking I had a budget in mind, under $10K for a nice convertible. I found a few really nice '95 Pace Car Cobras, but they were in the $12K+ range. Finally found a low mileage '95 GT owned by a little old lady only dirven to the bars on the weekends. It's been a great car, but there are a few wink links in the SN95's that have been upgraded, or there are upgrades for. Suspension being the main problem. Factory springs SUCK! Hard to describe, but I replaced mine with Eibach ProLine speings to get rid of the 4WD look of the SN95's. Installed Castor Camber plates too. Factory rivets theirs in place so there is limited movement, and a so-so tech is afraid to drill out the rivits to align properly. Front lower control arm bushings, they were made with a weaker rubber compound and gave out easily causing excessive tire wear in the inside of the tire. They made a change on the "03? Cobras and changed the rubber compound in the bushings, and the shape of the lower control arms. I swapped them out and now get tighter turning radius and a better ride. Rear control arm bushings are the same crappy weak rubber. Mine are currently worn out and causing "clunking" in the rear when coming to a stop, or acellerating. Easier to get a set of aftermarket rear control arms then trying to change out the bushings. Brakes SUCK terribly too. Got to upgrade to the Cobra 13" rotors and 17" wheels. I've installed the wheels, but now I'm waiting on the weather to give me a nice weekend to install mine. Major drawback to the '94-'95 cars is the computer control system. For the life of me, I don't know why Ford didn't just use the "89-'93 system since it was their best ever. Any cam change, you have to get a chip burned, an expensive tune or a Tweecer system. It keeps me from getting crazy under the hood for now, which is a good thing I guess since I cannot afford a back up car!