Thinking about buying third-gen, lots of questions
 

For the longest time, I've had my heart set on picking up a fourth-gen Camaro, but several factors have me looking at third gens. What are those many factors, you ask? Simple:

1. They're cheap.
2. They're plentiful.

I will also say the third-gens are genuinely attractive, and they're relatively light. Anyway, here are my concerns/questions:

1. Rust. These cars are old, and I live in Michigan. Where are the most likely places I'll find rust, even on a car that looks clean?

2. They're slow. The biggest disadvantage as far as I can tell. The fourth gens are quick right out of the box, but most of the 305 cars are slower than my Grand Prix GTP. With that in mind, how much of an investment does it take to wake these cars up? I realize that's a very open-ended question, but let's say I was looking for at least a 14-second car that won't get defenestrated by a Honda Civic at a light.

4. Handling. Ultimately, I want to take my car to open track days. I've driven many fourth gens and know they can be made to handle well. Third gens, I just have no experience with, and it won't be easy for me to judge their handling potential since anything I buy will be very tired. They are relatively light, which can't hurt. I have read some road tests from when they came out, and they got lots of praise for their grip and sharpness. Of course, that was the 80s, and the car's main competitor was the Fox body "wet noodle" Mustang. Can anyone give me an assesment of how they handle in modern terms?

If you've waded through this, thanks. Any input would be greatly appreciated. And yes, I've done some searches, but right now I'm so new that I don't know quite where to begin.

Drove an '86 Z28 5-speed today. Pretty solid, with only two visible rust bubbles. Some oil in the exhaust at start up, but clean after that, and the 305 runs pretty strong. My main concern is that the odometer is not connected. Kid claims it broke after he bought it a year ago, and that the claimed 81,000 miles is close to accurate. Carfax seems to back him up, actually, but that's still suspiciously low mileage for a twenty four yr old car. Second concern was with the trans. Clutch was REALLY high effort, and shifter was hard to put in gear. I noticed there was some leaking near the bell housing, and the kid mentioned that he's running Lucas oil. Does this sound like something that could be fixed with a new clutch + seals?

Finally, the car's listed for $3600, which is almost as much as the 4th gens I can't afford. Anyone have an idea of what's fair here?

Ok, here's what I'm gonna toss in, after owning a few myself.

Usually with rust, it's going to be along the wheel arches and lower rockers, as far as where you can see. Where you can't is another matter. The first and foremost place to look, are the inner rear wheel-wells. Pull back the liners and panels, and check to see if there are holes or rust areas in there. Obviously, the floor panels are also a place to check.

As for the one you test-drove, you might find a better deal elsewhere. If it only has 81k, sure, the value is more than one over 100k. The speedo cables back then, I believe, were mechanical, and it wouldn't be surprising to see one go depending on weather over it's lifetime, etc. Being an 86, you get the 5-speed. Which is nice. However, depending on what you want to do with it, you may want to look at the 87 on ups, for the 350 option. At least then you're getting a slightly better plant to operate on, since a 305 is kinda pointless to mod up. As it is, the one you drove is gonna need new valve seals or rings.

As for handling of the 3rd goes, they aren't a slouch. I wanna say some of the models were .9 g's on the skidpad (or close). I had an 86 IROC, that handled really nice (the tires probably helped. They were standard 245/50/16s on the IROC for the year). Every third gen I've had since, I've put the IROC rims and tires on, because I was really comfortable with them.

Overall, I love the cars. I like the designs, and, with a decent budget, they can be decent. You'll likely not see a 4th gen -esque result without more money than you can buy the 4th for, but even a 350 car with some mild bolt-ons isn't too shabby.

Stick with a Z-28 or IROC base, for your handling and suspension start, add some subframe connectors (cheap, and very effective on those cars). Be prepared to put some new shocks on, and bushings, and save some out for some mild upgrades to go with it. If you end up with an auto tranny (700R4), make sure it's not having issues. I blew through two on my stock IROC (not that I was nice to it...and the rear gears were changed, so it didn't help). A decent build on one, from what I read, makes them decent enough to handle what you seem to be looking for.

I'd continue to shop around though. As you said, they are kind of plentiful. You should be able to find a decent start for under 3k, even if you have to travel a little to get it. I keep looking around myself for one to get another 3rd gen in the driveway. I miss mine.

Thanks for the input. I figured this Camaro wasnt the one, although I'm still thinking of lowballing the guy. I'm also planning on finding a really clean one, just to see how good they can be. I thought about the 350, but the stick shift really is a must for me.

If you want a stick shift I would do a t56 on a 350. You can get into the 300's with hp and torque (crank) on the 305, but it is NOT worth it.

Handling and such is pretty good overall. The z28 / iroc models are the best starting models for that, since you have to put less in. You can get LOTS of parts to make the car do whatever you want it to do. Just depends on how deep your pocket books are. I myself have three. I am leaving my z28 stock, while taking a burlinetta and changing ALOT of things. Mostly in the suspension and engine department.

One thing you can not really do is compare the third and 4th gen camaro. there is quite a time frame and technology difference. Some popular thing going on now are the LSx swaps or the LQx swaps. brings the engine into a more updated situation. Overall nice cars. However, some things are not as plentiful for them, as alot of it has been discontinued, and alot of the ones in salvage yards have been picked over pretty well.

Like said above. Check for rust in the wheel wells, the rocker panels, right behind each door at the bottom. and one place alot of people do not pay attention to, look on the bottom of the door.