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I believe there are many reasons. The main reason why many want them is because most of people grew up driving in one or riding in one. Therefore, by getting that old car that they had good times in, it is a way to bring back and relive their youth. Another reason why I think people go for them is because they are cheap to build. Of course, the initial price tag aint cheap, but once you own one they are not too hard nor expensive to build. Everything on a corvette is expensive and is a corvette ONLY part. Almost nothing interchanges with a corvette. Most people that actually build up their engines and tranny have a ton of money invested in their vette. To make the independent suspenisoin reliable with the HP they put out is quite costly. Have you ever noticed how easy it is to find parts for Chevelles, Novas, and Camaros in Jegs and Summit? Also, have you noticed how cheap they are compared to what we have to pay? If some one decides to throw in a 632 BBC in chevelle other than the price tag of the engine, everything else seems cheap. You can easily back up by a TH400 and a 12 bolt rear (which are quite common) and you have a driveline that will be able to handle the abuse for quite awhile.
I have a '72 LeMans with a Pontiac 400 and 4-speed. It's pretty much the same as the Chevelle, but with a better engine and styling. While I enjoy the car, if I had to pick it or my '71 convertible, I'd pick the Corvette. It handles better, is more comfortable, has better brakes and better styling. It's always fun for my wife and I to leave the kids behind and go wine tasting, or just touring in the Corvette. This is why we have three 2-seat convertibles.
For a base 307 car (vinyl top???) I would consider a trade only if the car were PERFECT which means original everything including paint... zero rust only driven to Bingo Saturday nights... church on Sunday by the current owner's Grandmother... and then only if we lived on the same street and I KNEW he was telling the truth. If the car has any cosmetic or mechanical issues; shop on.
It has been said that we regret more things in life that we did not do rather than things that we did do. If you make this trade it will fall under the regret things that you did do and totally upset the balance of life. I had a 1972 Chevy Malibu 307 A/C, A/T (back in 1976) It was boring. Stay with the Corvette it gets in your blood and I do not think there is a cure.
Seriously best of luck with your decision