[400TT]

Or on the flip side you could buy an older Cobra and restore it. The emissions rules have been slowly getting more restrictive. A lot of older Cobra's were built during a period where emissions were less restrictive even to the point of carby engines. Even if the 2nd Cobra doesn't have the engine you desire, you can swap to any other engine of the same emission level. This is certainly the easiest way to build a big block Cobra and the only way in VIC.

It all comes down to year of first registration. Even if the Cobra is not currently registered, if you have the paperwork for the original registration you are good to go.

You can source 2nd hand Cobra's from any state as the states have a recipricol agreement on rego, but you may need to make some changes. e.g. WA cars have an exemption for running side pipes, so technically you would need to run an under body exhaust in VIC. From my experience VIC is straight forward when it comes to interstate rego transfer.

2nd hand Cobra's have been increasing in value over the years, but there are still good buys out there. Certainly in the fixer upper category.

Also the manufacturers have been slowly introducing updates and new Cobra models over the years. But in all honesty some of the older models make excellent street cruisers. And even today at the Cobra Nationals, some very old, very modest models still top the placings. So they perform as well.

Most Cobra's, if not nearly all will have modification plates with ICV codes on them. Very few have true manufacturer compliance plates, but they do exist. If you look at enough local Superformance Cobra's you will find compliance plate cars.

So lots of options.