I just purchased a 99 black cobra. If it wasn't such a good deal I would have waited for another color. I swear I wash the thing at least 2 times a week, and use a bottle of detailing spray a month. I think black is a cooler color, but very hard to take care of. Go red.
Go with Black. You're 20 years old, probably don't have a house or family, and have time to take care of it. You should add chrome rims to make it stand out. I'd pass on the one with a tan interior if it's the same as the 'sadle' color on the 94 - 98's. $16K for a Cobra with only 5K miles sounds like a steal.