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Depends on your overall goals. The Cobra is going to make a much easier build since it already has all forged internals and it is supercharged stock. The Cobra also has cooler seats a 6 speed tranny and independent rear suspension. Whichever looks better is a personal preference IMO...I prefer the Cobra myself. It really depends on what you are looking for. If you have big plans in the future I would recommend the Cobra, but if you just want a nice looking car to drive around it is hard to beat the Mach 1.
Terminators are better in every single way, except with the possible exception that machs come with a solid rear... But if you're into road racing, then the IRS is better anyways...
With this said, Are the engines on the 03/04 termi's pretty much bullit proof? Whats the life expectancy in these? I am loking at mach's but if a termi will pretty much last forever maybe i willo hold out for a termi.
for a dd that u want to look nice, mach 1. the cobra seats on an 03-04 arent better imo and i own one. the just look ok but dont fit very well in the car and arent really better in any way. with irs you would think a stock cobra would ride smoother but it rides the same as my gt with bbk springs in the back with coilovers in the front. if high hp is what u are after then the cobra would be better but u could get over 400whp on a mach1 w/o any real problems so its up to you. as for the six speed, i doesnt make a difference to me. its more of a 'look' its a six speed. for dd, no difference, for racing it does.