Wicked Wheels: Vintage Camaros And Firebirds
Michael Frank, Forbes.com

You already know the bad news.

If not, Jerry Flint's article, "Misplaced Priorities," goes into great detail about the "hiatus" of Camaro and Firebird--2002 is the last model year of each--and explains General Motors' massive missteps with these brands.

Needless to say, this article will not cover the same ground, but will focus more on what, believe it or not, some consider the best collector cars anywhere: late-1960s and early-1970s Pontiac Firebirds and Chevy Camaros.

First, to get a historical perspective on the brands, it's important to know that before these muscle cars became famous for attracting a particular type of testosterone-fueled driver--an image only enhanced by the 1977 Burt Reynolds film Smokey and the Bandit--the Camaro and Firebird were seen as two of the freshest, sexiest cars to come out of GM since the 1964 Pontiac GTO.

Designed to be affordable and, with the addition of the slightly more expensive but infinitely more powerful V-8 engine, fast, the thinking behind the Camaro and Firebird was to build sports cars for the masses. As such, they were hardly complicated or limited-edition cars--several hundred thousand of each model were made from nearly the get-go in 1966-67, with a sticker price beginning at around $2,500. To keep prices down, General Motors used many existing parts, and although the Pontiac V-8s varied from the Chevy V-8s, neither engine is tough to fix (more on that in the Parts section below). Today, what that means is you can easily find a clean, strong-running car for between $15,000 and $20,000.

To get more perspective on the brands, we relied on the expertise of Keith Martin, editor and publisher of Sports Car Market magazine (Forbes.com works with Sports Car Market on its Vehicle of the Week coverage). Martin, predictably, believes the first Firebirds, Trans Ams and Camaros are the best of the lot.

"When launched in 1967, the Camaro was a brilliant response to Ford's hugely successful Mustang," Martin says. "The Camaro had a lithe, muscular look that made it much more than just a copycat of the Ford. Further, the late 1960s being the salad days of the muscle-car world, Camaros were equipped with a range of power plants, beginning with Grandma's anemic six-cylinder to 427 cubic-inch blockbuster V-8s," Martin says.

Still, just because Martin says you should get a 1967-69 model doesn't mean there aren't a few gems from the early 1970s. Brand historian John Sawruck points out that the Firebirds and Camaros introduced mid-model year in 1970, when the body style changed, are considered pretty cool by some, and come about 20% to 40% cheaper than the 1960s cars. Sawruck also likes the rare 1973-4 Trans Ams and Formulas, those with 455-cubic-inch V-8s (there are only about 1,200 of these, and if you can find one with a Ram Air induction system, expect to pay even more, about $20,000). Later cars, however, especially those beginning in the early 1980s, aren't ever expected to garner much collector attention. The body styles were riddled with fiberglass and extraneous scoops and fins, and signaled the end of the classic muscle-car era.

As for the cars from 1960s and early '70s, the marketplace is booming and vast--and filled with fakes. So to get a flavor of how one might safely go about buying a vintage Camaro or Firebird, we've tackled five key questions below. We think this will help jump-start a search for an affordable classic muscle car, even if it won't bring back the soon-to-be dead brands.

What Should I Look For?

According to brand historian John Sawruck, although there were many limited-edition Camaros and Firebirds, including just 697 Pontiac Firebird Trans Ams in 1969 (only eight of which were convertibles--although Sawruck says he's seen several fakes), it's difficult to get your hands on clean originals of these cars. And they can be priced in excess of $40,000.

While some of these limited-edition Firebirds cranked out as much as 345 horsepower (with Ram Air induction), and there were even a few 375-hp Camaros in the early days, Keith Martin of Sports Car Market says you ought to aim lower.

"A 1967 to '69 Camaro is nearly the perfect first-time collector car. I suggest looking for a car equipped with a 327-cubic-inch V-8, a four-speed manual and a gauge package," Martin says. "Don't spend extra for the SS or RS options, just get a basic car and see if you really like driving it. Nice coupes can be found in the $10,000 to $15,000 range, convertibles without a lot of options in the $15,000 to $22,500 range."

Kibby Riedman, owner of the Chevy Store in Portland, Ore., who has been restoring and selling vintage American muscle cars such as the Corvette, Camaro and Firebird for several decades, is basically in agreement with Martin, but adds that you should, "buy the very best car you can afford." Riedman says that means if you see an example of a '68 Camaro for $8,000 and the marketplace is demanding $12,000, there's probably something wrong with the cheaper car.

"So many guys come in here and brag about the car they got for four grand--but then they spend 50 grand turning it into 25 grand car!"

How Much Should I Spend?

Kibby Riedman, who restores and sells vintage American muscle cars, has seen a huge (and unwarranted, in his opinion) bidding war going on with vintage Firebirds and Camaros. He says the prices of rarer cars have increased as much as 60% in the past year and a half, and that cars he would have sold for $18,000 last year are going for $28,000 because of demand.

He thinks this may change, however, given the present economic climate. "The market's been hot, but I think it's probably going to go down soon," he says.

That might mean it's wiser to wait six months to buy a Camaro or Firebird, but now is a good time to start watching the market.

In general, Riedman says that Firebirds should cost about 15% to 30% less than Camaros, especially the late 1960s cars. He says this is a huge irony, since if the horsepower matches, the Pontiacs when sold new always carried a price premium. That might make the Firebird or Trans Am a better buy right now, especially if your goal isn't to have a car that appreciates massively, but to have a fun toy to drive on sunny days.

Riedman also says that whether you're hunting for a Camaro or Firebird, you can expect to pay at least $5,000 more for a convertible.

Still, what's the right price?

Martin says buyers should look at prices being paid on the Internet at sites like eBay Motors and TraderOnline.com and track these prices for a few months. He also recommends his own site, SportsCarMarket.com, which records several years of auctions so buyers can get a ballpark figure of what the going rate might be.

How Should I Buy?

"The worst feeling in the world is finding out that you didn't get what you thought you paid for," says Keith Martin.

To avoid that feeling, Martin recommends doing your homework, but also relying on an expert. "If you do your homework and see that a 1969 Camaro is typically going for $15,000 to $20,000, and you're willing to pay a few thousand dollars to someone like Riedman--who will not knowingly steer you wrong--it's probably worth the added peace of mind," Martin says.

And he's probably right. Again, if the point isn't to buy a car that will win at every muscle-car show in the nation, but to find a clean, fun Camaro or Firebird, you can probably do fine just buying privately--but you might also get bitten. Even knowing the right interior colors matched to the stock paint job--the latter is a real rarity--will give you a clue about the "purity" of the car you're looking at, and an expert like Riedman is more apt to spot aftermarket parts than you are.

Is It A Fake?

If the seller isn't hugely impatient, one way to find out the specs of any original Pontiac is to use Pontiac Historic Services. For $35, PHS will supply a copy of the original bill of sale (this can be faxed rather quickly to a potential buyer) to anyone with a vehicle identification number. This copy will tell you what color the car was, inside and out, the specs, the accessories and so forth. This is also a fantastic tool for anyone who wants to start a restoration of a classic Pontiac.

How Can I Find Parts?

 

The reason Camaros and Firebirds are such great collector cars is that any teenager could learn to take them apart and put them back together again. Even the carburetors and transmissions are very straightforward and, best of all, almost every single part can be purchased new. GMPartsDirect.com is a great resource; Pontiac historian John Sawruck says that even though some of these parts are made in Taiwan, original GM dies and tools are often used to make them, so they are no different than the original equipment.

That's the other reason, though, to follow Martin's advice and start with a fairly basic Camaro or Firebird. Parts for any of the rare 1967 Z/28 Camaros--only 602 were made--will still be plentiful, because much of the suspension, engine and chassis bits will be similar to the stock cars, but there are bound to be a few key pieces that you just can't get. Which is when your hobby turns into your obsession.

Also, Riedman has one important bit of advice to keep maintenance costs down: "I have customers who drive their cars every day and they're junk, and I have customers who only drive their cars when the sun shines and those cars are beautiful. Drive your car when it's dry and warm, and it will be a lot less trouble."