I was exactly in your shoes not long ago. I wanted to buy one already registered in California but after visiting the DMV and reading many posts regarding SB100, it really is a very very simple process. It just takes being at the DMV on the first business day of the new year, a trip to CHP for VIN assignment, trip to a BAR ref to get the smog excempt sticker, and maybe a brake and light inspection, that is it! I also had the same $50K budget and after looking at many used Cobras, the only ones I would recommend in order would be.
1. FFR - you can go to any parts store if you ever need replacement parts. You can also take it to your local Ford dealer for service if u want to. Technical support if the best. Just go to FFRog and the guys there help trouble shoot any problems u might encounter.
2. Superformance- you get what you pay for ....big bucks! All u need is an engine and tranny and you are good to go. Parts and support do not compare to FFR however. But it is endorsed by Shelby and they are nice quality replicas!
3. Backdraft Racing - nice examples and uses BMW parts. Cost would be similar to a FFR.
No offense to a lot of guys here....I saw a lot of used cobras of other makes: Shell Valley, Classic Roadsters, B&B (LA Exotics), etc etc. In my experience, I was not impressed with the condition and craftmanship and the overall quality and appearance.
$30K or 40K or 50K is a big chunk of money to pay for a California title when it is not that hard to get. No matter what you hear here, you will not find one who failed to get a SB100 when they took the time to get to DMV in the first business day of every new year since its inception, NO ONE! There was one who missed out because the DMV he went to did not know the process and gave him poor guidance.
If u are decided on buying a used one, take your time and really look at them over, inside out, up and down. These cars are driven hard so make sure to take that into account, too.
So, what did I end up doing? I took the next easy route....I paid a pro to build a FFR for me.
Check out Gordon Levy Racing...he has built many FFRs for Cali guys.