Terminator Cobra Or S2000: The $23k Convertible Conundrum

What kind of crazy person would think about comparing a supercharged Mustang Cobra to a Honda S2000? That would be me, only I’m not just doing this for the clickbait nature of the title. I actually cross-shopped these cars a few years ago when I decided to buy a fun, rear-wheel drive convertible with a budget of around $20,000. I ended up buying a 2003 Cobra, but that decision was based on availability as much as desire. There simply weren’t any nice S2000s in my area, but I did find a sweet Cobra. If I’d have found an equally nice S2000, I still don’t know which I would’ve bought.

So it is to you, faithful CTzens, that I bring this quandary. For our found in the classifieds piece this week I present a fine example of both models, each of comparable age and within a stone’s throw of $20,000. Yes, they are very different enthusiast machines with completely different characteristics, but there are some important similarities besides age and price worth mentioning. Both cars are obviously rear-wheel drive, both are only available with manual transmissions, both have convertible roofs, and both are considered modern classics. Because of that last bit, they hold their values extremely well, so as long as you don’t do something stupid you shouldn’t lose your backside in depreciation.

Let’s start with the Mustang. This is a beautiful 2004 SVT Cobra convertible selling in Southern California for a buy-it-now price of $23,900. This was the last year for the factory supercharged ‘Terminator’ Cobras and they’re fairly rare, but an apparent lack of any performance mods is a bit disappointing. Ordinarily that wouldn’t play a significant difference in price, but basic modifications like pulley swaps and tunes are so common on the Cobras that people expect them to already be done. That could help negotiate this price closer to the $20,000 mark, and if not, there are all kinds of 2003 models to be had with more horsepower at this price.

Speaking of, the ’03-’04 SVT Cobras were underrated at 390bhp from the factory with their supercharged, 32-valve 4.6-litre V8 engines. Actual output was around 420, and the minor mods I mentioned above would bring you to 500. There aren’t many cars that will get you such tire-shredding twist for $20,000, and for those who want more than just a muscle car, the Cobras of this generation rode on fully independent suspension.

They still had considerable weight on the front tyres, but the SVT Cobras were far better on a track than their solid-axle Mustang siblings. And with such prolific power under foot, coaxing and controlling the Terminator through power-on oversteer was as easy as it was fun. Now are you starting to see some of the cross-shop appeal with an S2000?

This car with 42,000 miles looks like a nice, low-mile machine for cruise nights and track days. There’s no mention of specific maintenance, so figure a clutch replacement in the next 10,000 miles. And if there’s no additional chassis reinforcement, plan a few hundred bucks for some frame connectors because these convertibles shake like a bobblehead. But hey, small price to pay for such horsepower.

Now onto the car that positively does not shake like bobblehead. This 2007 Honda S2000 is selling near Miami, Florida for $23,000. It’s a bit newer than the Cobra but it also has 10,000 more miles on the odometer, which could matter to some though if I’m honest, it’s still comfortably low mileage for me. It looks terrifically clean and stock, and for an S2000 that’s exactly what I was looking for.

I’m sure we all know about the S2000’s overachieving engine. The 2007 cars had the larger 2.2-litre F22C1 that made the same 240bhp as the earlier cars, but with a lower power band and a bit more torque. They also had slightly revised gearing, with the overall affect being a car less high-strung and more streetable with better low-end pull. When I was cross-shopping I specifically wanted a second-generation S2000 for these reasons.

There’s certainly no comparison to the Cobra when it comes to brute power, but what I really liked about the S2000 was its precision in just about everything it did. The Cobra was meant to be manhandled, whereas the S2000 was designed to be worn like a suit. I very much like that aspect of the S2000’s character, and even though it’s slower, hearing that engine at 8000 revs is just as visceral to me as hearing the Cobra’s supercharger whine.

This particular S2000 looks beautiful in every respect, though it is at the high-end of the price spectrum. It wouldn’t be tough to step back a couple years, still get the F22 engine and have enough cash left over for some forced induction. That would solve the horsepower problem while keeping the S2000’s razor sharp moves.

I’ll be honest - if both of these cars were in my neck of the woods a couple years ago, I have absolutely no idea which I’d choose. Intoxicating horsepower and a willingness to dance with the Cobra, or transcendental motoring with reflex-like handling in the S2000. Which would you choose?