The GT500 is the closest thing to the Cobra made today. It churns out more horsepower than the Cobra, and is a much better car overall. The Cobra was equipped with a 390hp engine, but rumor has it the car was under rated, and actual produced 415 hp. Today's GT500 produces 500 horspower, with a ton of suspension goodies. It's more car than the Cobra, thus the price difference.
~Brian