A quote from one of the idiots over at watchuseek: "Regarding Cobras; as mentioned before I think these are OK, as long as they are pretty much identical to the 'real' thing, ie with a V8 engine, etc. The Cobra replicas only really exist because the original car is very rare and sought after; the high value the original car can achieve is only down to its' collectable status and racing history. It is different for example to something like a watch with a tourbillon, which is massively valueable due to it being very complex to engineer and create.
A fake watch is an entirely different thing. At the end of the day a Rolex/'Ling/Patek etc. is a very fine and handmade instrument. When you buy such an item you are getting something that looks nice, with the immense satisfaction of having something hand made and beautiful; the price and value reflects that. A fake watch with the Rolex crown does not have anything like this; if you take a fake Rolex and remove the crown, you have essentially a basic watch. A Rolex with the crown taken away is a still a finely hand made instrument. Just like taking away the badges on a good Cobra replica; if it has the right engine, then it will be the same as a 'real' Cobra. Then again they are not cheap anyway!
Buying a fake watch is a waste of money; a Cobra on the other hand is different, because if it has the V8 engine and everything else, then it is like the real thing. Indeed I believe some of the replicas are so good they are authenticated by Shelby himself; something no respecting Swiss watch maker would ever do to a replica of one of its' watches made in the far east.
And of course the 'good' replica watches are quite expensive, which is just daft really. Why by a fake for the same money as an original? I've seen fake Ferraris with a Toyota MR2 donor car costing more than real Ferraris!"