Holes are already in the chassis, so easy fit, depending on the year of your coug, you could fit one made by a previous member who was selling them through here, if not then make sure you get one that has 2 bolts to detach the hook arm, these are lots cheaper than detachable ones, and once the plug is fitted to the car it takes 2 mins to fit or detach.
Check out Towtrust for kits (fleabay)