How's the 3rd Gen Market Looking?
 

Just wondering if anyone here keeps up on the 3rd gen market. I haven't been personally involved with those cars in 20+ years, and it's been about 10 years since I've had any local friends still active in that market.

For anyone up to date on value/demand regarding these cars, what are your thoughts on value for a good to very good condition '89 Formula 350? Nothing particularly rare regarding options (bright red, gray interior, t-tops), mileage is at 55k and it's listed as a one owner vehicle. It appears to be totally stock mechanically, down to the factory cut tail pipes, though it does have an aftermarket CD player. It's missing the exterior 'FORMULA 350' door decals (but the VIN and 140mph speedo confirm that it's a 350 car), not yet sure if this was due to a repaint or someone just removing them at some point, and it's missing the plastic cover that shrouds the distributor at the back of the upper intake (not the first time I've seen this missing on a TPI car, I guess they get removed for service and forgotten), but the car is otherwise complete with no obvious issues/damage/problems other than having some very old tires (and the beginnings of the typical spoiler cracking at the corners - but as a previous owner of one of these, I'm well aware of how common this is). It appears to be a rust free car in a region where rust is definitely as issue, so I know there will be a premium for that.

Any thoughts? A very close friend of mine actually owned a twin to this car back in the '90s, and I had one in that era as well (though mine was black/silver two-tone with a hardtop). We used to see these around all the time (even 350 models), but I haven't seen any locally in years. There aren't really any other comparable ones in my region for sale, other than a 305 hardtop version with about half the mileage - so not exactly a direct comparison.

I'm always looking and the trouble with these 3rd generation cars is the wild price ranges you see. Personally I'd feel comfortable paying up to $10k knowing that I would be laying out even more money for whatever reason. Tires, maintenance, repairs. You know it needs something. It isn't that different than the G bodies which you know I have had experience with. I wouldn't want to have too much money into one of these unless I knew I would keep it for many, many years.

The collection on the home page of 1le z28s and gta trans sms gave me a boner until I saw they were going for 10 times what 3rd gens used to. I splurge on my 87 gta 350 at the time with 70k miles For $4200 back in early 2000s.

The 3rd Generation market is very hard to get a handle on.

First, there are not many great examples out there.

2nd, the performance isn't up to par with the 4th Generation, specifically the LS1 cars.

However, we all don't drive a 1/4 mile at a time like Dominic Turreto, the 3rd Gen Camaros and Formulas/Trans Ams are easily recognizable and have not dated themselves in the area of style. Simple to work on, known areas of weakness such as the spoiler material that is prone to cracking, spark plugs that are hard to change, the paint can be difficult and there are also leaks of rear main seals and intake that are typical.

In many ways the 3rd Gen market is similar to the 4th Gen. You'll see cream puffs wanting $30K and a lot of ragged examples that would take a lot of coin to get in shape.

The Formula you are looking at is sharp, a great year, and I doubt you see many in the summer months.

Good luck.

There does seem to be a huge range. I've looked at some ads for L98 Z28s and there are two in my area (both '91s) in the 30-40k mile range with asking prices of $20k and $27k. To me that's outrageous for the mileage, I honestly can't even take those ads seriously, but perhaps there is a certain demand for them of which I am just not aware. In comparison, this Formula is a much better deal but still just a bit more than I'd want to spend on this particular car....

After considering this for the past several days, I have come to basically the same conclusion. The seller is currently firm at $11.5k which, again, seems like a bargain compared to those two 5.7L Z28s. But I wasn't especially in the market for a 3rd gen, I just happened to stumble across this car while looking for someone else whom I thought might be interested (turns out he wasn't, so then *I* started considering it). I'm honestly more in the market for a C5 at this point, but I do feel a bit of nostalgic pull as I did own one of these 21 years ago. I just don't know if I'm interested enough to buy in at this price and then face whatever sorts of repairs and such that it will likely need. As you said, it would be fine if I was specifically searching for one of these and planned to keep it for a very long time, but I don't exactly feel like I'm on that page. The price might be fair/close to fair, but I think I'd need to see it get a bit cheaper to motivate me and pull my attention away from other plans. I'll give it some more thought though.

Agreed on all counts, and that's why I still haven't been able to get it off my mind. It's been many years since I've seen any sort of 3rd gen Formula on the road OR at any local events. The last one I recall belonged to a friend of mine from our local car show circuit, it was a black '89 but just a TBI 305 car, I think he sold that car about 10 years ago.

Nothing like a nice 3rd gen with upgraded brakes suspension and a nice ps motor. Imo my 3rd gens drive a lot better than my 4ths. They feel more nimble all round

You sure are close on the price. I would not let the difference stop me if I really wanted it. It sure would be popular at cruises and shows. Unfortunately you have a yen for a C5 which really clouds the picture. I know that feeling all too well and it stays in your mind constantly until you finally get one. I liked my 1996 C4 very much (which you helped me out on immensely, and I thank you for that) and now I enjoy my C6. Isn't it a shame we can't have all the cars we want. I'd like my '87 Aerocoupe back if I had the garage space. I really like the 80's cars. I don't envy your dilemma at all. You would like both cars and I agree. That's no help. My Aero is now sitting in a collection in PA along with about 80 other cars. It still probably has the same 19,000 mileage as when i sold it. A trip down memory lane.
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I definitely agree. ~$1500 wouldn't stop me if I'd been searching for this exact car, but a 3rd gen wasn't really on my mind until after finding this one. Having said that, at some future point I might end up looking for a car just like this now that the spark has occurred, but this hasn't been my recent platform of focus.

All very good points. I remember your Z51 CE C4 quite well, as well as the Aerocoupe - both very fine cars that I would also be interested in owning if space was unlimited. Glad I was able to help. :) I haven't had a G-body myself since 1997, but I did enjoy owning one and would certainly consider another (in fact a neighbor and former co-worker of mine has an '86 Regal Limited tucked away with just 18k miles, his aunt was the original owner, I've tried to buy the car from him a couple times over the last 20 years but, to make a long story short, he is never ready to sell when I am ready to buy and vice-versa - so he just ends up keeping it).

I agree that the Formula would certainly grab attention at the shows, much more so than a C5 which is quite a bit more common at present. But the role I'm currently trying to fill is more of a 3-season daily driver than a show car. I already have two garage queens that I rarely use (my '98 and '71 usually only see 300-500 miles per year each at this point), so I'm looking for something that I'd be more willing to drive as normal transportation during the nice months; and while I wouldn't purposely drive it in the rain, exposure to spring/summer/fall weather conditions is going to be a reality for this next car (this is basically how I used to use my '02 Z28, but I haven't had a car for this role in several years now). After much consideration, I had come to the conclusion that a C5 currently strikes the best possible balance of all categories/purposes/requirements/priorities that I'm most interested in fulfilling for this role...in other words, at the risk of sounding ridiculous by calling any Corvette "practical", a C5 is the most practical choice. And yet, somehow, I can't quite say "no" to the Formula. Perhaps it's just nostalgia, but I can't quite rule this car out.

C5 values are very low right now. They are a great car, many were made and their owners typically treated them better since the investment was higher.

Nowadays, an LS1 WS6 goes for more money than a C5 which is bewildering.

C5's have weaknesses as any car does, seats that rock, transmission woes, targa roofs that crack and peel, LED displays that burnout, and they can go through tires pretty quickly.

The later model years are better buys.

There’s a guy by me selling an ‘82 z28 with 10,000 original miles for $9,500. It has a 350 that’s bored 30 over paired with and automatic. Don’t really see 3rd gens that are in good shape up for sale too often