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I have an '03 Z06 with 8k miles. From the start, the car did not like to go into reverse, and once in, if I don't hold the stick it pops out and makes that terrible grinding sound. Also, the car does not like to downshift from 4th to third unless I am going slower then 45 mph. If I want to drop a gear when in 4th, I am screwed if I'm going any faster, and have to slow down and grab second, otherwise the tranny grinds. I have tried matching RPMs, double clutching, etc. At 45 mph, no problem, at 46 or faster, it grinds. I have to take the car in for the column lock recall, but I figure I'd ask you guys so when I goto the dealer I've got some ammo when the service dept tells me "can't duplicate the problem".
Also, if anyone could give me an idea of what the trade in value is on my car? I'm going to look at the new '05 and (please don't flame me) a yellow '02 Viper.
I believe the downshift issue is covered by a TSB. Something about the aluminum shift forks. I believe the fix is to replace them with a steel one. Luckily mine have worked fine for three years now.
Autotrader.com has some very good links to calculate trade-in and retail for used cars.
Sounds like your tranny had what mine did, poor machining from the factory. The synchro's go out due to the poor machining and the dealer will replace the synchro's first even though they know it's the defective tranny. They replaced the R, 4th, 5th, and 6th gear synchro's in mine at a cost of $3K the first time and then they failed AGAIN and I had all the same problems you're having.
The second time around they replaced the entire tranny at a cost of $5K all under factory warranty. So $8K in tranny repairs in 2 months time. The service receipts state "replaced transmission due to faulty machining". The service advisor, dealer of the ownership, and another major nationwide Corvette dealer all told me this is a common problem on all 2001 and early 2002 Z06's. The problem may have crept out to later models too, and of course the General never issued a recall. Good luck and hope you still have the 3yr/36K GM warranty or an extended warranty.
I bought a 8yr/85K GMAC Premium bumper to bumper extended warranty when the 3yr/36K GM warranty expired, it's the best $1,3000 I ever spent.