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Chevrolet was riding the gravy train of the late 1960s when Impalas sold by the millions; and, while considered to be the family chariot, they could be ordered with an array of options, several of which were some real high-performance offerings. Sixties-era Impalas were generally considered just used cars until the mid 1990s when enthusiasts, already priced out of the Corvette and Camaro market, rediscovered them and began restoring them to stunning brilliance.
Chevrolet sold all the Impalas it could build in the 1960s, and with good reason. They were handsome, well-made, comfortable, roomy and had durable mechanicals that were easily repaired. One of the most popular models was the 1967 Impala SS convertible powered by the 327-cu.in. V-8 small-block. This was the first year the convertible featured a fixed rear glass with color top choices of white, black or blue.
"The Impala SS was in its seventh year by 1967, and had style and appeal; how could you not like them?" asks Ron Mroz, a 1967 technical advisor for the National Impala Association. "The 1967 Impala had many firsts for the famed marque: a four-way hazard warning flasher, the dual master cylinder braking system with warning lamp, GM-developed energy absorbing steering column and folding front seat latches on two-door models. The 1967s also featured a quieter ride thanks to a new system of isolating the body from the frame. This was done by using new, softer, biscuit-shaped body mounts and snap-in cushions to absorb vibration."
We strongly believe that full-size Chevrolets from the 1960s will continue to rise in price, particularly SS convertible models. These small-block models are a great alternative to big-block cars because they consume less fuel, burn regular unleaded and offer better handling characteristics due to less weight over the front wheels. More importantly, these are well-styled automobiles full of character, and because they accommodate six adult passengers, they're the ideal collector car for enthusiasts who want to go cruising with their families and friends. Another desirable attribute is strong aftermarket support; nearly all interior and exterior trim has been reproduced, along with many body panels, making the task of restoration a relatively easy one.
As they say, if a car was popular when it was new, it will be popular when it's old, and few full-size convertibles from the '60s were as popular as the 1967 Impala SS.
Value Trend
1977...........$1,500
1987...........$9,000
1997.........$18,000
2005.........$28,000
Recent
Photo: General Motors
One of the ultimate C5 Z06s was the 2004 24 Hours of Le Mans Commemorative Edition, acknowledging Corvette Racing’s historic 1-2 class finishes in 2001 and 2002 (also 2004). Just 2,025 Le Mans Commemorative Editions were built assuring their collectability.
As far as the regular Z06 goes, all told, there were 28,388 built over four model years, so they’re not difficult to find these days. It can, however, be difficult to find stock, low-mileage examples, as many owners drove these cars as they were intended and tweaked them with bolt-ons for even better performance.
According to classic.com, average C5 Z06 prices have increased significantly over the last five years from $16,000 in 2019 to $32,000, as of this writing. One of the highest prices recorded for an unmodified example was at Mecum’s Kissimmee sale in January. The car was a 2001 painted Speedway White (one of 352 in that color) with just 218 original miles, and it sold for $71,500 including fees.
In July 2023, a black 2004 Z06, driven fewer than 1,600 miles, sold on Hemmings Auctions for $52,500 - just shy of the car’s original MSRP of $53,485. On the more affordable end, back in 2020, a 2001 Z06 listed as unmodified, but with 154,680 miles on the odometer, changed hands on Hemmings Auctions for $9,000.
These cars have received a lot of attention lately and appeared on many bargain-priced performance car listicles. Their low-buck status seems to have changed as a result and prices have nosed skyward. Still, the first-edition Z06 is an excellent car that offers a lot of track day potential with very low running and maintenance costs. If you’re interested in owning a 2001-’04 Corvette Z06, here are some points to consider.
Body
Image: General Motors Artist: David Kimble
C5 Corvettes used sheet-molded composite body panels made of 40 percent resin, 33 percent calcium-carbonate filler, 20 percent chopped fiberglass, and 7 percent resin and hardeners (used to improve the surface finish of the panels), according to Chevrolet. The floor pan was made from SMC inner and outer panels with balsa wood sandwiched in between. The 2004 Le Mans Commemorative Edition Z06 used a carbon fiber hood to shave 10 pounds off the nose. When inspecting a Z06, you’ll want to inspect the lower portions of the car for signs of damage—the fascias and rocker panels. The three-piece air dam on the front is prone to taking hits because it rides so close to the ground. Replacement air dams are widely available and it’s important that the pieces be installed correctly as the dam helps direct air to the car’s radiator. You will also want to check the floorpan for signs of damage or previous repairs. Floor pans punctured by debris in the road aren’t unheard of on these cars and you’ll want to make sure the repair was performed correctly to guard against leaks. The quarter panels on these cars are bolted on, so check for proper fit and signs of replacement that might indicate previous accident damage. Aftermarket body kits are available for C5s and popular with Z06 owners looking for some additional body width and larger wheelhouse openings.
Something else to be aware of - common among all Corvettes, not just C5s - are electrical grounding issues related to the composite body. These can cause a wide variety of mysterious conditions and usually the problem isn’t difficult to solve but can be difficult to trace.
Z06 exterior colors over the C5 generation included: Black, Torch Red and Millennium Yellow from 2001-’04; Speedway White, which was only available in 2001; Quicksilver, which was offered from 2001-’03 and replaced by Machine Silver in ’04; Electron Blue, which was offered in 2002-’03; and LeMans Blue Metallic was used on the ’04 Le Mans edition Z06. All of the LeMans editions were painted blue with silver and red graphics modeled after the 2003 C5R race car.
Chassis and Suspension
Among the most scarce of all C5 Z06s is 2004 24 Hours of Le Mans Commemorative Edition acknowledging Corvette Racing’s historic 1-2 class finishes in 2001 and 2002 (also 2004). Just 2,025 Le Mans Commemorative Editions were built, and they command a premium today. All of the LeMans Commemorative Editions were painted blue with silver and red graphics - a color scheme modeled after the 2003 C5R race car.
Photo: General Motors
The C5 Z06 was based on a pair of 13-foot long, continuous chassis rails, hydroformed in a die using fluid pressure - it was a very rigid platform and a first for the Corvette. Another substantial change in the C5 chassis, that made it an ideal production road racer, was the use of a rear transaxle. By moving the gearbox to the rear, the weight distribution nearly hit the 50/50 sweet spot, plus it freed up space in the cabin. An enclosed stamped-steel driveshaft tunnel (a torque tube) between the engine and the transaxle made the chassis even stiffer. The suspension hard parts were made from aluminum and transverse mounted leafs handled the bumps. The C5 front suspension used a setup similar to the late-edition C4s, with revisions, while the rear was an entirely new design with upper and lower A-arms and constant velocity joints replacing the old five-link/universal joint setup. Without a doubt, the C5 chassis transformed the Corvette. In addition to the superior handling, the cabin was easier to enter and exit, more comfortable to drive and the ride was less punishing—even the track-ready Z06. To ensure the Z06’s track readiness, it had unique FE4 suspension with a larger front stabilizer bar, a stiffer rear spring, revised camber settings and forged wheels that were 1-inch wider front and rear than a standard Corvette. The Z06’s steering was sped up too: 2.46 turns lock-to-lock versus 2.66 on standard C5s. Brakes were shared across the C5 line—four-wheel discs with 12.8-inch rotors front and 12-inch rear. The calipers were two-piston units but treated to a red finish on the Z06. Many owners choose to upgrade the stock brakes with aftermarket units. The stock rotors are fine for street use but have shown not to hold up well on cars that are driven hard on the track.
The 2004 model year Z06 benefitted from suspension revisions and new shock absorbers that were developed by GM through extensive testing. These units were a vast improvement over prior years. There are aftermarket options available that approach the performance of the factory ’04-edition shocks—which can be expensive and difficult to find today. Many owners have found that OEM C6 Z06 shocks are also a good fit at a lower price. The C5 chassis is a rugged and proven sports car platform that was designed to serve reliably for many miles. When shopping, take note of the typical items that wear out with age: anti-sway bar bushings/end links, control arm bushings, rear cradle bushings, ball joints etc. Be sure to ask about any maintenance work that might have been performed. A fresh set of tires is a selling point on these cars as well. The stock size Eagle F1 tires cost more than $400 apiece for the 265/40R17 fronts, and more than $600 apiece for the 295/35R18 rears - if you can find them. The selection of tires available in the factory sizes is limited these days so when it comes time for replacement you might have to consider alternatives like 255/40/17 or 275/40/17 fronts and 285/35/18 rears.
Engine
Image: General Motors Artist: David Kimble
The 5.7-liter LS6 arrived in 2001 with 385 horsepower and made the jump to 405 horsepower in 2002. It was an evolution of the standard Corvette’s LS1 with improvements to the block and pistons, better flowing heads with revised combustion chambers, a more aggressive camshaft, a redesigned intake and more. The LS6 is an excellent and proven performance engine that will serve many thousands of trouble-free miles. Initially, excessive oil consumption was an issue, but the problem was addressed in a Technical Service Bulletin. Replacement piston rings (due to a sealing issue) and a replacement engine valley cover (due to leaking) were prescribed for circa-2001 engines affected, and the changes were made in production to later LS6s. Reports and discussions of valve spring failures on 2002-’03 engines in particular also abound on internet forums. Replacing valve springs is a relatively cheap and inexpensive upgrade and is worth considering if the seller hasn’t performed the work already. Some of these engines have also suffered from separated harmonic balancers and balancer bolts that loosen and allow the balancer to come off - check for a wobbling lower engine pulley when the engine is running. The factory balancer is a press-on fit but there are aftermarket versions available that can be pinned to the crankshaft. Upgraded balancer bolts are also available.
Transmission and Axle
The Z06’s instrument cluster bears the logo of the popular performance package, and the tach has a 6,500 rpm redline.
Photo: General Motors
The Z06 used the TREMEC T-56 gearbox but it was equipped with more aggressive gear ratios for harder acceleration than the base Corvette. The trans was rear-mounted to a Getrag differential shared with all C5 Corvettes. Z06s were equipped with a 3.42:1 gear set with shot-peened ring and pinions.
The T-56 is an excellent gearbox, but miles and abuse can take a toll leading to some of the typical manual transmission maladies: grinding between gears, sticking in gear, popping out of gear etc. Sometimes the issue can be as simple as the shifter or the mount being loose, but some of these symptoms could also be signs of worn synchros or a damaged shift fork. The good news is parts are widely available and finding a knowledgeable rebuilder isn’t difficult.
The C5’s Getrag differential is a bulletproof and reliable unit that can withstand plenty of driving and punishment. The biggest issue with these has been seal leaks—something that was addressed in a circa-2003 technical service bulletin covering all C5 Corvettes. The TSB recommended replacement of the output shaft seal and the differential side cover O-ring. If a Z06 you’re looking at hasn’t had the work done and appears to be leaking, those seals are likely the culprit—and most frequently it's the output shaft seal. (Some techs recommend not disturbing the side cover if it isn’t leaking.)
Some C5 owners have also experienced issues with the clutch pedal sticking in the down position or returning slowly. Sometimes this can be solved by flushing and replacing the fluid in the hydraulic system. There are also aftermarket clutch return spring kits that can deliver more positive pedal action - once the fluid has been replaced and the system bled (an important maintenance item).
Interior
Z06 interiors were black or black with red accents and embroidered headrests. The Le Mans Commemorative Edition (shown) had graphite-colored upholstery with the Corvette emblem in the headrests instead of the Z06 logo.
Photo: General Motors
C5 Z06s had a unique instrument cluster with a Z06 callout on the tachometer and a 6,500 redline indicated. The bucket seats had additional side bolstering and embroidered Z06 logos on the headrests. Colors were limited to black, black and red and there was a graphite-colored interior for commemorative-edition ’04s with the Corvette crossed-flags emblems stitched into the headrests. It’s common to see worn leather side bolsters and seating surfaces in these cars but there are aftermarket covers and kits available to update shabby looking buckets. Many owners have complained of wind noise in C5s as the window seals age. Water leaks around the weather stripping is also a common problem. A locked steering wheel that can’t be unlocked, accompanied by the “Service Steering Column” message on the driver information display was one of the most common C5 interior issues reported. A 2004 recall addressed the issue (the recall number was 04006) and any car you’re considering should have had the recall work performed. Some owners took matters into their own hands and installed an aftermarket bypass kit that allowed the lock to function without interference from the car’s body control module. These seem to solve the problem as well.
Parts Prices
The Z06’s LS6 V-8 is generally a dependable engine. Horsepower was rated at 385 in 2001 and 405 from 2002-’04. Broken valve springs are a known issue, particularly on some 2002-’03 engines.
Photo: General Motors
- Air dam $114
- Brake rotor $60
- Carpet kit $680
- Harmonic balancer (aftermarket) $340
- Harmonic balancer bolt $41
- Seat covers $1,400
- Tires (front) $453
- Tires (front) $620
- Valve spring kit $100
What To Pay
Add $1,000-$2,000 for 2004 Le Mans Commemorative Edition
Did we leave out your favorite? If so, let us know in the comments. And if you're interested in reading more about classic American luxury cars, keep a lookout for the special feature in the July issue of Hemmings Motor News.
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Photo: Hemmings Marketplace
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