Neutral
There is a buyer for everything at the right price. The economy has been hitting the cobra market quite hard for almost 2 years now. I was exporting a lot of cobra's last year to Europe, but when things started going south in Greece even that market dried up. Unless you are buying an extremely rare, vintage car you need to accept that a car will always have a level of depreciation.
I always found that the cobra buyer was someone who did a serious amount of research, saved their money knowing they were buying a toy, and had extra investment money or retirement funds in which to make the purchase with. Now I feel there are other elements at play.
The guys that always wanted one either have one, can't afford to buy one, or they are currently buying other assets that have taken a beating but are sure to return more than a Cobra. The demographic is also getting older and the ability to pay $55 - 60K for a replica is becoming more unreachable as retirement is coming. Let's face it, Cobra owners take care of their cars, so why buy new at $60k when you can find a pre-owned car with less that 4k miles for @ $20k less?
I cannot tell you how many guys I see at hot-rod shows tooling around in mobility scooters that cannot even get into a Cobra, and the younger demographic likes modern looks and performance. I have sold quite a few Cobra's to guys under 50, but most car guys will take the $40k they can spend on a used Cobra and buy a nice 911, Viper, Lotus or other specialty car. Hell, you can get a used Ferrari 360 Modena for @ $75k now!
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