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You can easily find a vararam VR-B2 with a powerduct for under 400.
Check out wildvettes.com they are a forum vendor and usually run a special on the kits.
If you are looking for true cold air intake, there are not that many - Vararam, Honker, BPP might be it. The others still use ambient air from engine bay. It is probably better than stock, but not true cold air. The Vararam is a little more effort to install, but it is hard to argue with the results vs price as compared to other true cold air intakes. Good luck.
Actually, if you do a google search, there is a reputable vendor selling new ones for $450. Given the excellent instructions, all parts included, and superb fit/finish, the extra $50 vs. your budget will be a cheap investment in installation time and ownership satisfaction.
I am running the Vararam B2 on my 02 Convertible, my 03 Z06 and an SC1 on my 06 Convertible. My z06 is a beast and put down 401 rwhp with just bolt ons.
Let me know if you decide to go that route and I'll get you a good deal.
The quality is great, the peformance is great, it has an (expanded) OEM look and although the cost goes over the $400 target, it includes a custom air bridge.
You can easily find a vararam VR-B2 with a powerduct for under 400.
Check out wildvettes.com they are a forum vendor and usually run a special on the kits.
I am torn between the vararam and the blackwing. I have a blackwing on my FRC and a vararam on my targa. I think they are both pretty good.
The blackwing seems to be a higher quality and installation is easier.
The vararam is supposed to offer more performance, but it is tougher to install, the fit isn't as good, the mounting for the filter can use some help to make sure it seals. Once you work through the issues, the vararam is pretty good too.
The other one I would consider is the free zip-tie mod.