My Z28 has been having a slight burning rubber smell for a while now (about a year) and I can't trace it down. The spark plug wires are fine, can't find any burnt wires anywhere. Car doesn't miss at all. It's not constant but suddenly at times it just appears. Very odd.

 

your rear is leaking on the exhaust, mine had that smell found out thats what is was, so check to see if the diff fluid is leaking

 

My 3.8 did that, never could find the source, but never had a problem (other than the smell).

 

It's a very distinct rubber burning smell. Doesn't smell like any kind of burning oil. Occurs at random time. I though it may have been the intake leak and the oil burning on my y-pipe but then the smell would be pretty consistent I'd think. I should note that I've been driving around without the leather shifter boot around my shifter so any smells from under my car are very noticable.

 

you should try not flooring it from a stop it often causes your rear tires to loose contact with the asphault and thus it creates a loud screeching sound with lots of smoke and a burning rubber smell.

 

I had that same problem... my friend said something about not letting off the clutch at 5000 RPM. I started taking off around 1500 RPM and the rubber smell is gone...

 

Could have something to do with your parking brake. If it doesnt disengage it sure will smell