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Stock v. stock I am confident the Cobra will outrun the S281 SC in a straight line and the road course.
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In a straight line, the 2 cars are nearly identical. I've seen stock 03-04 S281sc's running midd-ish 12's, same as cobras. But I would give the edge to the cobra, because it comes with 3.55 gears vs. 3.27's in the Saleen. Put 3.55's in a Saleen and its a driver's race. The twin screw blower in the Saleen does a better job of making high end power vs. the roots blower in the Cobra, and with a WAY better stock exhaust it helps to make up the 4v vs 2v difference. But if you put exhuast on the cobra, it will beat a stock S281sc.
On the track it's a different story. Having raced many a new cobra on the track, it's not even in the same universe. A S281sc will destroy a stock cobra on a tight roadcourse. Just the stock rubber on the Saleen helps leaps and bounds over the cobra's.
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Unless the Saleen has the upgraded brake package the Cobra has better stopping too.
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True, but the difference isn't tremendous. If the Saleen has the brake upgrade, it's not even close. The break feel and stopping power on the Saleen with 13' rotors is so much better than the cobras they aren't comparable.
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The Racecraft shocks are just Bilsteins with a decal on them (you can read "Bilstein" on the bottom of each shock.
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They aren't your typical Bilstein's. They are nitrogen charged, and their performance works increadibly well with the racecraft progressive rate springs. The cobra lacks both of these.
If you wanted you could Saleen-ize a cobra, but it's still a cobra, value wise. One benefit of owning a Saleen is they hold their value better than a cobra, which should add into the equation.