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Eye of the beholder type situation here. I own both a C4 and a C5. I love both of them dearly. However, if you are not a "Corvette" person, i.e. you've never had one and are just getting into them, I would recommend a C5. They handle and ride better along with more power. All of this equates to a better driving experience.
However, don't buy any model, C4 or C5 that has been beat to hell. I'm guessing the 96' you are looking at is in excellent condition. Check the C5 out thoroughly though and it's likely that the 70,000 miles might be nothing. Don't narrow your options either, keep your eyes peeled for a good deal. There are plenty for sale and many that are the same car at drastically different prices.
C5 IS VASTLY SUPERIOR IN EVERY ASPECT. handling, interior room performance. i paid 19700 for a 00 frc with a doug rippie top end. 4 months after purchase i am putting in a rpm tranny, new clutch and shocks so about 3k more...just under 23k out of pocket and it halls ***, looks killer..... get the c5 their are many members who are over 100k miles still going strong.
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I agree with the others - the C5 is a totally different car than the C4. I have a '98 that I love dearly. It has been a great car....
That C4 is the end of the cycle - and the 96's were the best of the breed. You should compare options and drive both. Which one feels the best to you? Most importantly assuming all things are equal - when you look at them, which one trips your trigger?
70,000 miles is nothing. Sure check it out well, just as with any car. The one bad experience I had with a used car was one that was low miles , so that is not the whole story. The good news is that the Vette is intended to race, and most Vette owners take very good care of their Vettes. My vote would be the C5, the second best body ever for the Vette (IMO).
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The C5 is a much better platform than the C4, but there is a substantial difference in miles on those two cars. You don't mention what options the C4 has or if it is an LT4 equipped car. Same for the C5 - what options on the car? Both are probably a bit high, but don't discount the C4's - they are fun cars (I had four of them). Now, if you can find a C5 with a lot less miles and at a comparable price, go with the C5.
I will go with the majority here and say go with the C5, but with it being a 98 and having 70k miles, there is no way I would pay 20k for it... trying and get the price down.. 20k is a lot to pay for an 8 year old car with 70,000 miles on it.... if it had 20,000 miles on it like the C4 then I could see maybe paying around 20k.
Check out the C5 carefully.. or wait to see if you can find another with less miles for that price, they are out there.