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My son and I are going to lower my stock 2004 Z06 on stock bolts this weekend. To set a baseline I measured the fender rim to tire distance by inserting the fingers of my open hand between the two - with surprising results.
Left Front - 3-1/2 fingers (2-7/8")
Left Rear - 3-1/2 fingers (2-7/8")
Right Front - 4 fingers (3-3/8")
Right Rear - 4-1/4 fingers (3-1/2").
Tire pressure in good shape all four corners.
Not sure why the left (driver) side sits about a half inch lower - could it be due to left side suspension sag resulting from 11 years (10,500 miles) of driving without anyone in the passenger seat?
Although MANY people do it, the wheel arches aren't the most accurate place to measure ride height from. The body might be off a little, causing the difference. Having said that, the factory shop manual uses the center of the bolt, that attaches the lower a-arms to the frame cradle, to set the ride height...this is, of course, underneath the car.