Third-Gen Camaro
Get over the stigma. For those seeking entry into a V-8, rear-drive Bow Tie with zero rust issues, the third-gen Camaro is quite possibly the cheapest way to fly. Earlier '82-86 models routinely sell for less than $1,000. The drawback is that, at best, you're stuck with a wheezy 305. Another $1,000 steps you up to an '87-and-later model and a respectable fuel-injected 350 L98 rated between 225 and 245 hp. From '84 and up, most third-gens came with either a 700R4 overdrive automatic or a five-speed manual trans. Granted, fourth-gens are more refined machines overall, but third-gens are arguably sharper handling cars and slightly lighter to boot.
Likewise, although the LT1s in '93-97 fourth-gens are superior motors in stock trim, the L98s conventional coolant flow path means there are far more aftermarket cylinder head and block offerings available for it, as it's essentially a Gen I small-block. For the intrepid, big-blocks will fit in a pinch.
Such companies as Classic Industries and Year One offer a full line of restoration parts as well. Regardless of the specific model year, all third-gens have junk rearends (7.500- or 7.625-inch 10-bolt, or 7.750-inch BorgWarner 9-bolt), some with ring-and-pinion ratios as tall as 2.72:1. For the full scoop, log onto ThirdGen.org.
Fourth-Gen Camaro
While the fact that they're a pain to work on is irrefutable, fourth-gen Camaros were the fastest cars for the dollar when new, and they haven't necessarily relinquished that title on the used market either. Stock '93-97 LT1 Z28s, rated at 275-285 hp, have been known to dip into the high-13s in the quarter. Similarly, stock LS1 Z28s--severely underrated at 305-310 hp--are a full second quicker. Although their overall execution is a bit crude compared to contemporaries in their class, fourth-gens have goodies such as four-wheel disc brakes with ABS, a 700R4/4L60E or a Tremec T56 six-speed, and twin A-arm front underpinnings for a combination of stellar acceleration, handling, and braking. In fact, fourth-gens dominate almost every SCCA class in which they're allowed to compete.
High-mileage LT1 cars sell for less than $5,000 all day long, while LS1 cars still fetch $7,500-$10,000. Expect those figures to drop with the fifth-gen's imminent release. Some problem areas to look out for are clutch hydraulics, faulty opti-spark distributors (LT1 cars), and feeble 7.625-inch 10-bolt rearends that are almost guaranteed to break under any form of abuse. Moreover, any fourth-gen automatic with over 100,000 miles most likely needs a rebuild. Great online resources for LT1 and LS1 cars, respectively, are CamaroZ28.com and LS1Tech.com.
C3 Corvette
It hasn't happened yet, but for quite some time experts have been predicting an increase in demand for '68-82 Vettes. Solid drivers list for $6,000-$8,000, while jalopies can be had for under $5,000. Although their over-the-top lines aren't for everyone, these cars have a lot going for them. They ride on the same chassis as midyear Corvettes, which means they utilize the same fully independent suspension and four-wheel discs that offered world class handling and stopping power for their day. The vast majority of C3s were powered by some sort of 350--ranging from 185hp smog motors to 370hp solid-roller LT-1s--but the 327 carried over from the C2 into the '68 model as the base engine. Big-blocks displaced 427 ci in the '68 and '69 models and grew to 454 ci in'70-74s, the last years the Rat was offered.
Most enthusiasts probably have some kind of engine swap in mind, but be forewarned: '80-model Vettes sold in California were castrated with 180hp 305s. The good news from that year is that GM managed to extract 250 pounds of ballast as part of dedicated weight reduction effort, attributable mainly to thinner body panels and an aluminum differential. While the Vette's fiberglass panels don't rust, its frame does. Hot spots include the area in front of the rear wheels, the front crossmember, and around the A-pillars and doors. For more info, visit CorvetteC3.ca.
C4 Corvette
Admittedly, the '84-96 Corvette market is infested with owners who think their cars are worth too much money. Nonetheless, sift through the muck and you'll find that mid- to late-'80s C4s range in price from $4,000 to $7,000. For cars equipped with an all-aluminum cast suspension, big four-wheel discs, a feathery 3,200-pound curb weight, 150-plus mph top speeds, mid- to low-14-second e.t.'s, and phenomenal handling, that price point seems like a screaming good deal. Later '92-96 C4s with less than 100,000 miles can be had for $8,000 if you shop carefully, and they boast a 300hp LT1 and a six-speed stick. These cars are good for high- to mid-13s and 170-mph top speeds. While '84 Vettes produced just 205 hp, the output of '85-91 L98-powered cars slowly crept up to 230-245 hp over the years. Those who prefer manual shifting usually steer clear of '88 and earlier Vettes, which were straddled with a miserably awkward Doug Nash "4+3" trans. Point your browser to CorvetteForum.com for some great C4-specific info.