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It depends on the type of race as well. I know plenty of guys with Z06's eating up Vipers at the track (road course).
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I have never driven a Viper anywhere, let alone on a track. But as I understand it, the Viper is a very potent car on road courses, if you are a really good driver. But it is very unforgiving and you will end up backwards in the weeds if you don't know what you are doing.
The Z06 on the other hand is a very easy car to drive fast. Given the Z's excellent balance, Active Handling, and generally refined characteristics, you don't have to be an expert driver. Vipers didn't even have ABS at first for crying out load! I guess Vipers are marketed at "Real Manly Men" who don't need girly things like ABS, AH, or A/C.
The Viper has a definate advantage due to power. But the Z06 responds worlds better to experience than vipers do. Vipers can run high low 12's 11's with a very very very good driver (im talking close to pro) but in a Z06 you can take a driver who has had minimal seat time and have them running mid 12's a pro driver will run mid 11's i know of a gentleman who in a stock Z06 ran a 11.7 he had over 30 years track experience the viper is a marginally faster car but only in straight lines or untill an experienced driver gets in the Z06