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I have a 2001 Convertible with a 6-speed and 143,000 miles, and the rear-end started to sing about 15-20,000 miles ago. I have confirmed that it is the ring and pinion gear, and have a quote from a trusted local Corvette specialist shop to get the differential replaced.
He gave me 2 options: 1) Rebuilt differential (he will take mine as a core to minimize the downtime) for ~$1,800 + shipping; 2) he has found a local rear end from a C5-Z06 that has 40,000 miles on it that he can get for ~$950.
As you can tell from the mileage, I drive this car almost daily. I bought it new and cannot foresee a time in the future when I'm going to sell it. If anything, my 15 year old son will want it if I ever get tired of it.
I was prepared to spend ~$2000, but the used unit at almost half the price sounds tempting. A friend who's family owns a racing team tells me that you can tell from a visual inspection and measurement of the lash if the unit is worn, and he suggests the used unit is probably a low-risk gamble. On the other hand, the rebuilt unit has a 12-month warrantee.
I paid $400.00 for my 342 used a couple of years ago and am having Spartan Performance rebuild it right now installing Yukon 373 HP gears and I am sure that I am under $1800.00.