Just five years ago, the C3 market looked a lot like the C4 market today. Sure, there were buyers for just about every car that hit the market, but prices were stable and for the most part very reasonable. But when even small-block, non-fuelie C2 coupes regularly began to trade above $25,000, the market suddenly woke up. Enthusiasts began to examine what was essentially the same chassis with a very different but still aggressive and attractive body, and it was easy to spot the inequity, as the C3 traded for little more than a third of a comparable C2. Accordingly, the market changed fast.

There was no reason that it shouldn’t. After all, the C3 was a direct descendant of the over-the-top Mako Shark II show car of 1965, and in hindsight, the hallmark Stingray design—those curvy, sharp-edged fenders and the assertive ducktail—began to look really good. As a result, chrome-bumper (pre-’73) C3 prices have roughly doubled over the last five or six years, and big-block cars are now more expensive than small-block C2s were just a few years ago.

By 1970, the first year of the LT1 option (no hyphen when noted as an RPO code), the quality control glitches that plagued the 1968 model were a thing of the past—the folks on Natural Bridge Avenue in St. Louis had figured out how to build Corvettes again. Other changes from the 1969 car were minor. Side vents went from the attractive “shark gill” style to a more fussy egg-crate design, amber turn signal lenses appeared in front, and black paint was unavailable for the first time since 1956.

A solid-lifter version of the old small block

The LT-1 was essentially a solid-lifter version of the venerable 350 small block, with 11:1 compression, a high-performance cam, and a Holley four-barrel on a tuned aluminum intake manifold. Many people felt it was the best iteration yet of the Chevy small-block V8, which dated back to 1955. Without wading into the LT-1 vs. LS5 controversy, an LT-1-equipped car weighs less, is better balanced, less thirsty, and runs cooler than an LS5 454, yet in its first year, it was rated at only 20 hp less—370 hp (SAE gross) vs. 390 hp for the LS5. It was the highest-revving, fastest small-block GM ever dropped into a Corvette.

Unfortunately, things began to go downhill after 1970, when a drop in compression to allow for running on unleaded gas resulted in a loss of 40 hp—the 1971 LT-1 was rated at 330 hp. The 1972 edition was further detuned and was rated at 255 hp. The power loss wasn’t as extreme as it sounds, because 1972 was the year that horsepower ratings went from SAE gross (measured without niceties like air cleaners and exhaust) to a more honest SAE net rating.

Back in the day, the 454 overshadowed the LT-1 in sales. Its best year was 1971, when just under 9% of Corvettes were ordered with the LT-1 option, compared to 23% with the LS5. A shame, as an LT-1-equipped car (if you can find one) makes for a sweet daily driver. With abundant torque, plenty of power, eminent tweakability, and less weight up front, nearly everyone agrees it is a better handler than a 454.

The usual things apply when looking at any C3. Poorly repaired accident damage is the most obvious no-no, while the most insidious is frame rust. Professional inspection of the frame is essential, especially for salt-belt cars. Noted Long Island Corvette restorer Kevin Mackay sees a large number of rusty Corvette frames and notes the most common spot is in front of the rear wheels where the rails curve up over the rear axle. According to Mackay, if it’s too far gone, a straight, rust-free replacement frame is the best option. The “birdcage”—the steel windshield and cowl support—is the other area to check for rust.

A ratty interior is no reason to pass on an otherwise sound C3. Specialists like Mid America Motorworks sell complete interior kits for a reasonable price. Items like door panels and seat covers are moderately advanced do-it-yourself jobs.

LT-1s have closed the gap with big-block cars

LT-1s have garnered more respect recently, closing much of the gap with the big-block LS5 cars. This is especially true of the highest horse 1970 LT-1s. The gap in values is a bit wider for 1971–72. Currently, high-$20,000s to low-$30,000s is what you might expect to pay for a good but by no means perfect LT-1 coupe. Documentation is key in the form of invoices, window stickers, and Protect-o-Plates. Solid documentation can add as much as 20% to the value of a car. Bloomington Gold and NCRS history adds value as well.

While small-block cars will always lack some of the swagger of a big-block from the same year, as drivers, many people prefer the small-block LT-1. As far as future values, who knows? But the Shelby Cobra market may provide a clue. Until recently, the car everyone wanted was the big-block 427, but in the last several years, the 289 has caught up as cars that are more user-friendly have caught collectors’ fancy.