Not Ranked
First look into what your DMV would require to title that car. In some states it may not be possible, in others it may be a hassle that you might not want to deal with, or you could be lucky and it is easy. Give the DMV all the facts as they are, not what you hope them to be. Their answer will be based on what you tell them. What happens when you try to title it will be on the facts.
Now go read Mr Mustangs post for first time buyers. He has likely bought and sold more Cobras than most people have looked at.
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