If you get the 01 cobra I think there was a recall you need to make sure it has been performed on it or have it done. I can't remember what it was but it was a performance factory recall. I have seen some really nice 01 cobra's for around $14k with low miles too. Make sure it is clean and hopefully you'll be able to tell if it is well taken care of. I would get a carfax report too. Oh, and preferably a woman owner and a non-smoker. Those cars are full of potential.
Of course...everyone WANTS an 03-04 Cobra. I wouldn't call an 01 Cobra crap by any means though. Maybe look for a Mach if you can get one for a good price. But if you're talking about paying cash for a car with $14k you'll have plenty of good options when it comes to Mustangs. Vic, if you are thinking about taking a loan, then definitely get the 03-04 Cobra. They are great and they don't seem to go down in value too much.
if you have 14k you should always def look into the 03 cobra's. if you cant cuz of money or price then look into the mach1. you can def get one for around that orice and you have a great start on your performance binge that WILL come. I have an 03 GT that i think is awesome BUT if i would have waited a little more I could have gotten the 4v motor mach1. 4v is the way to go.