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most stations in texas are 91 with some (few) 93, but on road trips I run mid at 89 octane because I don't want to line the pockets of the oil companies...my choice and it WILL NOT damage the engine and if you think so offer me a proven case. Engine runs at peak performance with the 91 but will not self destruct with even 87 because as many pointed out timing is pulled thus no ping...gets the facts straight not the emotional imputs. it is ok to tell the guy not to use 87 due to low performance but don't flame him because you think he is cheap etc. , maybe he is uniformed or economy downterm forces him to run cheaper gas, who knows. How we each spend our money is our business and we shouldn't be flamed for it. my 2 cents so feel free to flame me as I don't give a *&(&* since I do what floats my boat
I discussed the situation once with Doug from ECS because of a situation I ran into on a long trip once. I've got a few mods like headers, x-pipe, 160 'stat, Honker intake, catback and an ECS tune. Traveling south last year premium gas was unavailable and I was forced to use regular to get where I was going. I made sure not to get on it until I was able to get some premium again. The cars stock are set up to run a little rich and when tuned are much closer to optimum ratios. This makes them leaner but you get more power and a little better gas mileage, too. If the original poster were to get a tune and run premium he'll probably get enough of an increase in gas mileage that if he's buying the regular to save money, the expenditure for the tune and premium will offset the savings in the price of regular. Then you can run the car the way it's supposed to be. Using regular gas is not saving you money because when the computer resets to compensate for the lower octane, you'll use more fuel. There goes your savings. With the mods and tune I still get around 30 mpg cruising on the highway and I don't observe the speed limit.
The other thing to remember is that (unless I'm mistaken) the only way the computer finds out there's low octane fuel in the tank is for the knock sensors to actually SENSE knock. That means that, no matter how quickly they react, detonation must actually OCCUR in order for the computer to compensate.
Obviously these instances aren't nearly destructive enough to cause damage on their own, but I do wonder about what a lifetime of 87 octane might do for the overall health of the motor.
Another thing to add, typically premium fuels costs around $0.50 more per gallon that regular fuel, give or take a few cents. If one were to drive 12,000 miles a year (a lot of Vette owners don't too) and average 20mpg (conservative) by putting in regular over premium you would be saving $300/year. If you really need that $300 you probably shouldnt be driving a Z06, let alone a Corvette.