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I've had a 96' Lt4 and also a 2000 C5 Coupe, didn't have a ZR1 but had a 02' Z06.
Between your choices I'd choose the 98' C5. The comfort and room do not compare. To me and just my opinion I like the looks of the C5 better and as far as power it is not that far behind the ZR1, plus I hear now some of the parts for the ZR1 are pricey.
In terms of performance, a 94-95 ZR1 is the best performer. These will cost you if you're looking for low to moderate miles, as these are more collector cars. Parts will be a matter of searching, and unless you are the one doing the work, finding a knowledgable tech will be even a greater challenge.
You will be able to find an LT4 for perhaps a bit less than the c5. In stock form, performance is about a toss up. However, the LS1 is more responsive to the bolt ons, i.e. air intake, exhaust mods. You could get the c5 to 400 chp in about the blink of an eye. The LT4 will need a little more, for lack of a better word, money. Not to mention that parts & upgrades for a c5 are much more plentiful.
Then there is the transmission issue. The LT4 is equipped with the ZF6. A fine transmission, but being no longer used by GM, many of the parts, i.e. clutch fork, bell housing etc. are no longer in production by GM. The T56 in the c5 will be less of a headache if there are headaches with it. Also, the c5 can be found with the 4l60 auto. This is a really good automatic. The LT4 is manual only.
So here are the scenerios:
A) I am looking for a really fast weekend cruiser that will draw attention at the "show and shine". I am a skilled mechanic with fairly deep pockets but not rich. ZR1
B) I am the same guy as above, only my pockets aren't so deep. Plus I want to drive it more than just weekends. Resale is not an issue. LT4
C) I can do the work, but want my parts new and/or don't want to spend alot of time looking for them. Or I am more of a driver than a mechanic. I want a bigger selection to choose from. It may be my daily driver. C5
Considering overall technology, while the ZR1 is the out right fastest (post 93) the c5 will be the best overall car. This being said that one is not partial to body style. I prefer the c4 look, plus I got a lot less miles for what the c5's were going for at the time.
I own a C4 and a C5. The C5 is a better all around car. It handles better and rides better. There's more room inside and it gets better milage, 31 highway mpg with my 99 FRC.
At about the same price level. thoughts on the following choices.
As a performance standpoint vs price.
1996 Lt-4
199o's Zr-1
1998 C5
Stock ? The C5 and the LT4 are about the same performance wise. The
ZR-1 will out run them both stock. Comparing a C4 to a C5 is really odd as the C5 is so different. If you want to mod one the C5 can be made into a monster for not alot of coin. I do not know enough about modding a Z to say anything. I did drive a Z and it is really something you have to drive to appreciate. I would buy the Z It's cooler than the other two, ride comfort blah blah aside. If I want to be comfortable I'll sit on my couch