I was looking at a 97 black z28, found that it has nasty frame damage and suspension problems.

Now I found a red z28, same year, all the options (with ttops). It has 91k miles though. Dealer wants 8.5k for it. I drove the car, it turns without a problem, no engine check light, traction control works ( ), and the body is alligned perfectly with itself (all the panels). I was wondering what I should look for. I noticed that the car has some small noise coming from one of the pulleys, I wasn't able to pinpoint which one though.

The dealer will put it on a lift for me, anything that's a common problem? Also, provided the car is in good shape, what should the price be at?

 

I've seen several 4th gens with noisey power steering pullys.
I'd try to get the price down to the $7500-$8000 area.

 

check for the infamous intake oil leak (behind the intake). also make sure the opti is good, you can do this by taking it through the full rpm range under a variey of throttle %'s. If it doesnt skip or miss you should be good. And as with buying any car, watch the exhaust for burning oil on startup, as this is often a sign of abuse.

 

Gave it a bunch of rev's while the car just sat there to see if it made any odd noises that were drowned out by the road. It was quite smooth. I also noted the spot where it sat, not a spot (I've seen the car there for a few weeks, same spot each time).

 

Make sure the windows go up smooth and not to slow. The window motor goes out alot.

 

Intake leak is common but not a big deal. It'll drip a little oil but its nothing to be concerned about. are you looking at auto's or six speeds?