My daily driver is a '99 Cobra. I bought it used in 2001 and paid $22,000 for it at that time. I have thoroughly enjoyed driving the car and have had very little trouble with it. I have around 120K miles on it now. The only lingering problem I have with it is the ABS does not work (nor the Traction Control System) since there is something wrong with the system. I am just too cheap to pay a dealer to read the codes for me. It is either a bad sensor or a bad ABS module. Just hope you never need the rear ABS sensors - the only place you'll find replacements is at a salvage yard. The ABS sensors are unique to the IRS. Ford no longer makes them and there are no aftermarket options. The Cobra ABS module is also a little harder to find a replacement for since it is a Cobra-specific part.
In the 100,000 or so miles that I have owned it, the only mechanical problems I have had are one bad front wheel bearing and one alternator (factory one made it 18 years). They are unit bearings and take about 10-15 minutes to replace. For wear and tear parts, I recently replaced all of the IRS cradle bushings, differential mount bushings, and the cross-axis bushings for the IRS. I also replaced the clutch about a year ago. Still using the original starter & water pump. The 4.6 DOHC is a pretty reliable engine. The A/C blows ice cold and I have added maybe 1-2 ounces of refrigerant to it in the 17 years that I have owned it. I installed a cat back exhaust about 6 months ago since the stock system finally rotted out after 19 years.
Other things I know or have heard:
The T45 transmission is not the best, but it works. I have not had any trouble with mine. It got stuck in reverse once, but I was able to free it after playing around with it for about 5 minutes. I think there is a TSB that talks about it.
With stock bushings, the IRS is prone to wheel hop on hard accelearation. If you are too careless, the repeated shock loads can snap the half shafts. I don't beat my car, so I don't have to worry about this. For guys that race them, they either dump the IRS for a solid axle or replace the stock bushings with Delrin bushings and upgrade to '03-'04 half shafts (stronger to go along with the supercharged engine).
I don't have other real complaints. I'm sure it will be more collectible than the GT, but I doubt it will be a highly sought after model. The '03-'04 stole the spotlight with the supercharged engine.
'66 Emberglo Coupe
5.0 EFI conversion
TwEECer EFI tuning
Rod & Custom Motorsports IFS
TCP subframe connectors
Vintage Air Heat & AC
'99 Black Cobra - Daily driver
Last edited by Greg'66 5.0; 01-24-2019 at 08:44 PM.