[DavidNJ]

I'm a still investigating, not a multi-time owner like Mr. Mustang. But I have a little different take.

The first two parts are key: what do you want to use it for and how much are you willing to spend. You can fix small things, but changing big things will run into $$$.

The first additional point is how much of the ongoing maintenance are you prepared to do? Wash and wax? Overhaul the brakes? Change the carpets? Overall the engine or transmission?

If you can't do major repairs yourself, you have an strong interest in finding a car that doesn't need any. If you can, things like brake rotors and pads, clutches, carpets, etc. are things you can change. And in some cases improve or change to your tastes. Tires are easily changed by anyone, and 15" tires are not very expensive. Changing them means you know what parts are in the car and in what condition they are in.

One thing that is expensive for everyone is paint. So finding paint you like is important. Especially in purchases under $40k-50k, where a repaint can be 20% or more of the purchase price (I say a beautifully painted Cobra yesterday, 16 coats of paint, over $10k...and probably worth it).

What'saCobra? has a very important point. Being ready and able to buy is important. Can you complete the sale and take the car away? Always a strong bargaining point, whether buying a used Cobra or a new Honda.

The second is knowing enough about Cobras, what you want, and what's available so that you recognize a good deal when you see one. It could take a year of more of looking around until feeling comfortable enough that a good deal is a good deal. You may miss one or more deals during this period. This time of year, when people are taking their cars out, is the best time to learn.

The best time to buy is when the seller wants to sell and there is little competition. The specialty car market...antique, hot rod, replica...always seems to be a buyer's market except for some rare, exceptional items. Since a replica can be reproduced new, there is an upper limit. Convertibles always sell for the highest prices in the spring and the lowest in December-February, at least in snow states. However, the number available in the winter is smaller. And it is more important to buy the correct car for you than on for the lowest price. If you want a 427FE ERA, an FFR donor build will probably not suffice, even if it was free.

Two added notes: if you are looking for an authentic looking replica, do a lot of homework in advance, so you can recognize the issues with each brand replica and the issues on a particular car. Second, if racing or track days are part of your plan, make sure your car and its safety equipment meet the track's rules. Cobras date from the 60's, and an original look doesn't meet most 2006 safety rules.

Oh, and let each seller you meet tell you their story. Each has spent time doing things to their car and/or building their car. Making decisions based on their research and ideas. It is a great way to learn about them and the options you have and the issues you may face.