Daily Slideshow: C5 Corvette Z06 Buyer's Guide to Bargain Performance

1. Dirt Cheap Performance

So you want to hit the local track and look like a hero but don't have much cash? Well, you've come to the right place. For now, the C5 Z06 Corvette is one of the very best performance bargains on the market. But like any used car, there are several things you need to know before plunking down your hard earned cash on one. The good news is, you've chosen an excellent base that, with a little work and a lot of time behind the wheel, can easily dominate your local track day. Right out of the box, it'll run a 12-second quarter and pull one g at the skidpad. Here's what you need to know about the fine 5th gen Corvette.

2. Early Examples

The C5 Z06 bowed as a 2001 model, and those are generally the cheapest ones you'll find on the used car market. Why? Well, because they're the oldest. And they come with least amount of power. But they're still no slouch, sporting an all-aluminum 5.7-liter V8 pumping out 385 hp and 385 lb-ft of torque. Even today, the numbers are impressive - 0-60 in 4.3 seconds, 0.98g on the skidpad, and 12.7 seconds in the quarter mile. And you can use the money you save to bolt on a few goodies and make it even better.

3. Other Goodies

In this price range, you won't find many (if any) cars with the kind of exotic go-fast stuff the C5 Z06 packs. That includes niceties like a titanium exhaust, thinned out sound deadening, hot suspension, lightweight wheels, and even optional thin windshield glass to save weight. 

4. Later Cars

In only its second production year, Chevy turned things up by adding an improved valvetrain and more aggressive camshaft. This bumped output up to 405 hp and 400 lb-ft of torque, which dropped 0-60 times below 4 seconds and the quarter mile into the 11-second range. 2002 and 2003 models are very similar, but there were some changes in 2004.

5. The Z16

For 2004, Chevy offered a special commemorative edition of the Z06 with option code Z16. Only around 2,000 people checked that box, which was designed to celebrate Chevy's back-to-back class wins at Le Mans. Doing so netted them a handful of extra goodies, including a carbon fiber hood, plenty of badges, a retuned suspension, and special Le Mans blue paint.

6. Picking the Right Car

Obviously, the C5 Z06 was a very special, very fast car in its time. Which means that plenty of examples have been thrashed within inches of their lives. So like any performance car, you'll want to get a feel for how it's been driven and treated in general. Look for obvious clues like unusual wear, hack job performance mods, and attempts at hiding damage or poor repairs.

7. Buyer's Checklist

Things like overspray and worn screws can indicate repairs or panel replacement. Find a way to get the car up in the air and inspect the undercarriage for scrapes outside of the ordinary parking lot mishaps. Check the rocker panels for any signs of damage or poor jack use.

The interiors of C5 Corvettes aren't the best in terms of quality, so you'll likely find a lot of wear in there. Excessively worn seat bolsters and faulty indicators in the HVAC gauges are common problems. As are failed oil pressure sending units, which cause the oil-pressure gauge pegged on high. It's a cheap repair but requires removing the entire intake manifold.

Turn the key but don't start the car, then press reset and press and hold option while pressing the fuel button four times. This will bring up the car's onboard diagnostic system so you can check for past errors. Google any codes that pop up for a full explanation.

Faulty steering column lockouts led to some recalls for these cars, so ask the owner if it's been sorted. Take tire condition into consideration, because those things aren't cheap. 2001 to early 2002 models suffered through some oil consumption problems, and 2002-2003 models broke valve springs more often. 

Overall, the C5 Z06 is a reliable and rugged car. And buying the right one will certainly give you many years of unmitigated fun!