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On a couple of cool mornings now I've started my car and for several minutes while warming up there's a steady sound of liquid moving around coming from the firewall/engine area.
I haven't heard this noise in the C7 but it could also be the heater core and/or coolant as well. That was a common problem in the 5th Gen Camaros do to the heater hose design on early models.
Checking Engine Oil/Dry Sump Oil Tank Noise on Startup:
For an accurate reading of the dry sump lubrication system, check the oil level only after the engine has been thoroughly warmed up, after at least five minutes but no more than 15 minutes after engine shutoff.
*** Some customers may comment on a noise similar to running water from the dry sump oil tank when the engine is cold and started. This is a normal sound of oil returning to the tank.
Yup...687 miles on my Z51, and noticed this from day one. It did not concern me...just cold fluids starting to circulate...getting ready...for a RIDE!!!!!!!!!!
The noise is caused by oil returning to the dry sump oil tank. It is outlined in this Techlink from GM from back on 5 September...
Some customers may comment on a noise similar to running water from the dry sump oil tank when the engine is cold and started. This is a normal sound of oil returning to the tank.
By the way, there's also a bunch of other interesting tidbits in this article. It discusses the "perceived malalignment" of the lower door versus rocker panel that some have mentioned. It also discusses more fully how the NPP exhaust works in terms of its behavior...and more.