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I wouldn't buy either of them. It doesn't matter whether you're trading, exploring or fighting, a Viper MKIV is better than both of them.
That doesn't mean the problem is with the ship, it could be how you're flying them or how you're equipping them.
Viper IV is objectively a much better ship. Stronger shields, stronger armour, identical weaponry and good internal space.
Eventually upgraded to the Python and never looked back.
The Mk IV trades amazing speed and good maneuverability for a bit more armor and not much more firepower. Get the Mk III, skip the Mk IV.
People have said enouigh about the CM3, its a great little ship and you should never sell it.
However, the CM4 gets lots of negative press because its not a better CM3. This is unfair, the CM4 is a great little ship. You have to get up to the big ships before you will find another with 8 internal compartments.
This makes it a good early game ship for:
Hull tanking
Piracy
Trading
Mining
Planetary missions (can hold many SRVs)
And surprisingly enough, its not a bad little explorer if you are planning on doing lots of planetary exploration.
It isn't great for combat, but i've done ok in it.
What i have mine setup for at the moment (used to use it for piracy which is was good for) is base bombing. 5 mine launchers. Just hover over the base, and bombs away! Its a larf and a half.
I still have my Cobra 3 fitted for planetary missions and stuff. It is the original ship, so having one is almost mandatory.
Now the Cobra 4 is slow, but that is the only bad thing about it. You have same base armour, more shields, one extra small hardpoint (but same distributor, usually this small hardpoint is used for mines, missiles, torpedoes or other stuff that doesn't drain the cap a lot) and A LOT more of internals.
You see, the Cobra 4 is the best starting trader, with more speed, defences and manoeuvrability than a type 6, and only 20 less tons.
It is great for piracy.
It is great for planetary and base raid
It is nice for exploring (around the same jump range as the Cobra 3)
It is great for mining, in fact it is the first decent miner in the game, much more superior to the Cobra 3.
It is great for trading
And in case you are wondering, it is avg at combat, with the difference that you can't run away from stuff like you can in the cobra 3, so take that in mind. Anyway high waking is always an option. (you can't be mass locked when doing a high wake)
Mine is currently fitted for mining. I use it in case I find a good stack of mining missions in my home planet and I don't want to retrieve my clipper from my mining spot.
Both of them are unengineered (I finally engineered my Courier and it almost replaced my Cobra as my main ship) but still fun to play.
Not quite. In terms of regular speed there are several faster. In terms of boost speed, its joint fastest.
However, its beaten on both by ships like the iEagle with Enhanced Performance Thrusters (even non engineered), which the CM4 cannot fit.