for the last 20 years I have build, repaired and modified several Cobras.

Check it over closely before you buy! Drive it for 30 or 40 miles, not just around the block. If the owner will not let you drive it, then ride with him for 30 - 40 miles.

About eight year ago a member of this forum contacted me and asked if I knew someone that could do general maintenance on a Cobra he had just bought. I replied that I could. He bought the Cobra to me with a list of about 25 items to be done. New sending unit, clutch cable, change all the fluids, smoking motor (valve seals) etc. Last item was and any thing else that you see that need to be fixed.
I gave him a price of about $1500 and six week. I only work on Cobra two days a week. I'm retired and don't need a Job. This is a hobby.
He said "I give you 3 months and a $3000 budget."
Six months and $17,000 later he had a new 408 stroker motor, new tranny, radiator, shocks, suspension work, ya da ya da. Now most of it was what he wanted to change, Like the motor. I could not talk him out of a new motor. He over paid for the car to start with and then all the money he spend, well he should had someone to look at the car before he bought it. This was a well build Cobra but no maintenance for 11 years.
I been through this same story with a few other Cobra but they were poorly build and dangerous to drive.
So I'll repeat , check out the car before you buy.
I know of a couple of Cobras for sale.

True, I guess "project turn key" could be better phrasing. A car with some flaws but good bones for the right price is what I'm looking for. Dennis and I have restored several cars and between the two of us have several years experience in paint, body work and auto repair.

To answer your question on dollar amount, it all depends on the condition of the car. I would be willing to spend up to $25k for a complete but imperfect car.

No IRS, no heater, no wipers, no power steering, no power brakes etc. Carbureted small block ford is preferred. Most of those things could be upgraded later on (which I would prefer to keep initial cost down)

Although I would still suggest what I did in my initial reply (and what others have likewise suggested), namely to go to some club events, look at cars, and talk with owners, quite frankly at that level of budget your kit preference may not matter much. You can find cars in that range if you look but unless you find someone in dire need of cash, you’re likely to be dealing with cars that didn’t turn out as expected or are desperate for a lot of love. I would recommend joining as many Cobra-related forums as possible and scouting the for sale sections because that’s probably where you’re most likely to find the best combination of low-cost cars for sale and owners you can “check out” a little (by searching their post history and reading the comments they’ve posted). I’ve considered buying cars and bikes from people off of forums before, only to search their past posts and find references to them having wrecked the vehicle they’re now trying to sell.

If you up your budget by $10K or so and look around, you can start to find cars like this:

https://www.hemmings.com/classifieds...a/2364990.html

Where do you live Wizzy?

All I can say is you're going to be severely disappointed in a 25K Cobra. So much so that it will leave a bad taste in your mouth.

This^^^ Make it down to the Texas Cobra meet in April. Hurricane Motorsports out of Iowa will be there, they are pretty close to MO and build a great Cobra. I’m building a UCC Cobra now, utilizing their in house build program, they’re in Texas and build a nice Cobra too.

Mine is for sale. It’s in auto trader price is 33,500 has all the good stuff. If you are interested just sent an email or text me at 256 425 8577. I will sent video and pictures with spec’s

Hmm, you might be right. Reminds me of the saying, "buy once, cry once", but I'm also firm believer in sweat equity. We'll see whats out there.

I'm about an hour East of Kansas City.

Cars exist in the price range you have stated - they are few but they exist. Two examples I know of personally. First was a gentleman from Raleigh NC who had a FFR Mark 2. Stock 302, carbureted, with only the drive train salvaged from a fox body Mustang. He and his college age son drove all over east coast and made many trips to western NC to spend 3-4 days driving the twisty mountain roads - and then one day he decided it was time to move on. He listed the cobra for $20,000 and sold it sight unseen for that price. Two days after the sale he bought his next adventure - a cherry Porsche 911.
And then there is me. I bought a FFR Mark 2 that was sold initially in 2003. The buyer passed away before titling the car. I purchased it for $22,000 and titled it with 167 miles on the odometer. I made some easy, mild mechanical adjustments and in the first two years put 16,000 miles on it - mostly trouble free. Never had to be towed though. In the last three years have added about $8000 in upgrades ie fuel injection, suspension, and stroked the 302 to 331. Pushing 400 hp now. I run with Superformances, Backdrafts, Uniques, West Coast, and one Kirkham - and am not ashamed of the car in the least. In two weeks I will go to Texas for the forth time. I am 73 years old and when I can no longer get in and out and drive safely I will sell it - probably around $20K. You should be looking at the classifieds on FFcars.com if you aren't already. When you find a car you have to be quick - it won't last long.

PM Sent

With a Cobra, this "equity" can be pricey. More so than buying what you want, up front.

Here's an example of a 25K Cobra.

https://www.ebay.com/itm/1965-Shelby...Condition=3000

It's a dealer, realistically you could probably get it for 22-23K

Read the link in my sig