So I pretty much bought a 94 cobra higher miles motor well maintained. Only problem is the undercarriage wasn't taken care of. For example the cross member behind the rear bumper support is quit rusty. Now my question is is it worth fixing??
It depends. Pretty much anything car related is not of much investment value. I think the 94' Cobras are a very unique car. To me, it would be worth it to have one in nice shape. If it's just light surface rust, then it's definitely worth fixing. If it requires cutting and welding then you might want to do an honest value assesment on it.