Original Examples of the Chevrolet Camaro Z/28 Continue to Command Strong Prices From Collectors

Overview

Its model name is just one letter and a two-digit number, but volumes have been spoken and written about it. It was listed in factory literature as the generic, ho-hum-sounding “Special Performance Package,” available on Camaro Sport Coupes, but the alphanumeric option code resonates more with enthusiasts: RPO Z28.

Ticking that box got you a homologation special powered by an exclusive 302-cu.in. engine with a mechanical cam, 11:1 compression, and a Holley four-barrel, conservatively rated at 290 horsepower. The little V-8 was a high-winding love child of key small-block specifications: a 4-inch bore (à la the 327 and later the 350) crossed with a 3-inch stroke (like the legendary 283’s throw). This combination allowed the engine to squeak in under the 305-cu.in. limit for SCCA Trans Am racing.

In keeping with the package’s road racing intentions, there was stiffer front and rear suspension, quicker steering, front disc brakes, a mandatory four-speed transmission, a standard 3.73:1 gear ratio packed in a 12-bolt axle, dual exhaust, and more. The Z/28 made its debut in 1967 and a scant 602 were built. For ’68, Z/28 production rose to 7,199 and nearly tripled for ’69 to more than 20,000.

As the most plentiful of the breed, the ’69 edition is a good candidate for anyone in the market for a first-generation Z/28. Popular price guides estimate that the average price of a ’69 Z/28 is $72,000, with a range of about $55,000 to $114,000. Desirable options can drive the price of a car up significantly, however. The JL8 four-wheel disc brakes or a Cross Ram intake, for instance, can be worth between $13,000- $30,000 each. Piling on the Rally Sport appearance package can add an estimated $8,000-$17,000 to the price of a ’69 Z/28. The ZL2 special ducted hood (i.e. cowl induction), can be worth $2,700-$5,700.

At Mecum’s Kissimmee sale in January a well-documented (two factory broadcast sheets, Protect-O-Plate, window sticker, and pre-delivery checklist) and nicely optioned Tuxedo Black 1969 RS Z/28— sporting a ducted hood and a Cross Ram intake—changed hands for $297,000. That was well above the pre-sale estimate of $185,000-$235,000. At the same sale, a Rally Green ’69 Z/28 with a partial build sheet, original warranty paperwork, and Protect-O-Plate failed to sell with a top bid of $90,000. Perhaps the one factor that kept it just out of six-figure territory was the seller’s note that a replacement 302 had been installed in the car back in 1976.

It almost goes without saying that a major factor in the value of one of these cars is a paper trail: a build sheet, original dealer invoices, the factory Protect-O-Plate, etc. A known history is a big help too, or authentication by an expert like Jerry MacNeish. If you’re serious about buying one of these, tracking down a copy of MacNeish’s book, The Definitive 1969 Camaro Z/28-SS396 Fact Book, is a good idea. These cars have been cloned for decades now, and unscrupulous or unwitting sellers are out there. With some care, you can find a nice ’69 Z/28 that will hold its value.

Body

The ’69 Camaro has a style all its own with some marked exterior differences from the previous years’ offerings. The wheel openings in the ’69’s fenders and quarter panels were squared off, the grille was given a more aggressive V shape, a pair of round lamps was added to the valance, distinctive gill-shaped accent lines were stamped in ahead of the rear wheel, the taillamps were reshaped and divided in thirds, and more.

Very few parts of the ’69’s body are shared with previous years: the floorpan, the cowl vent, the hood, the roof skin, the rocker panels, the rear seatback divider, and the trunk lid among them. Rocker panels on coupes were galvanized for rust resistance and the bodies were hand sprayed with corrosion-resistant primers. Lower areas of the body were also coated with a rust inhibitor. That said, rust is the first-generation Camaro’s biggest enemy. The rear window channel and windshield channel are common trouble spots, as is the forward edge of the dashboard. The cowl assembly, the cabin floors, the trunk floor—particularly around the shock towers—and the shock towers themselves are all rust-prone areas, too. The lower front fenders, the door corners, and the quarter panels and inner wheelhouses are other common rust spots. Of course, the ’69 Camaro is an aftermarket darling and reproduction body panels have been available for these cars for decades. Complete aftermarket bodies are also available, or you can purchase the inner body structure without the skins.

With prices for these cars as high as they’ve been for years, it’s been worth rebuilding even the most badly deteriorated Z/28 for some time. A ’69 Z/28 that’s been completely overhauled correctly with replacement sheetmetal can be a drop-dead gorgeous concours winner. The value of the car, particularly if it’s been completely rebodied, might not be as high as a rare example claiming to have all of its original sheetmetal intact, however.

There’s nothing different about a Z/28 body to tell it apart from a standard Camaro. However, trim tags on some cars built in Norwood, Ohio, might have an “X code”—X77 denoted a base Z/28 Camaro and X33 denoted a Z/28 with style trim group. The Van Nuys/Los Angeles, California plant didn’t have X codes on their trim tags so Z/28s built there aren’t identifiable that way.

Chassis & Brakes

The Camaro is a unit-body car with a bolted-on front frame stub carrying the engine crossmember and the control arm/ coil-spring front suspension. In the rear, partial frame rail channels were welded into the floor pan to stiffen the body and serve as the rearmost attachment point for the leaf springs. Welded-in torque boxes serve as the front anchor point for the rear leaf springs. The Z/28 package included F41 heavy-duty suspension with stiffer front and rear springs as an upgrade from the base Camaro. A 11/16-inch anti-sway bar helped keep the Z level when cornering and a quick-ratio steering box boosted turn-in response.

Power-assisted brakes were mandatory on the Z/28. Up front, discs with single-piston calipers and 11-inch rotors were standard issue. In the rear, 9.5-inch drums were the base offering. The rare JL8 option upped the ante with 11.75-inch front and rear rotors and four-piston calipers.

The Camaro’s underpinnings are vulnerable to rust and, if serious enough, it can compromise the car’s structural integrity. The torque boxes that serve as the subframe and suspension mounting points can rust through, as can the rear frame channels. The front subframe can also rust around the body mount, particularly on the passenger side, and damage to the front crossmember from floor jacks is common.

Replacement parts are available as are complete and partial floors with the integral bits already attached. The heavier-gauge parts—the crossmember and frame rails—can be repaired by a skilled welder/ fabricator. Of course, if this sort of surgery has been performed, it’s crucial that everything has been reinstalled straight and securely. If in doubt, locate an expert through a local Camaro club or the Vintage Chevrolet Club of America and arrange for someone familiar with these cars to inspect the work that’s been performed.

The Camaro’s front suspension was a rugged and simple design—upper and lower control arms, ball joints, etc. Worn steering and suspension parts aren’t difficult to replace or rebuild and information about factory-correct assembly methods and finishes is widely available.

The ’69 302 was based on a block with four-bolt main caps and used a “large-journal” (2.1-inch rod and 2.449-inch main) forged-steel crankshaft. The connecting rods were shot-peened “pink” rods topped with impact-extruded aluminum (forged) pistons on full-floating wrist pins. The 302’s camshaft was the familiar (to Chevrolet small-block enthusiasts) “30- 30” solid-lifter cam with .485-inch lift and 254 degrees of duration (measured at .050 inches of lifter movement). Cast iron heads with 2.02-inch intake and 1.6-inch exhaust valves, a high-rise aluminum intake, and a 780-cfm Holley carburetor topped off the package. Obviously, an original numbers-matching engine is a major factor in the value of a car, as are correct accessories. The parts that make up the 302 in a Z/28 are not unique to that engine though so it’s possible to create one. Other than date codes that align with the car, what’s important is the stamping on the block pad in front of the right cylinder head (or near the oil filter or both) with the VIN number of the car and the suffix “DZ.” The stamp can be replicated, or it might have been machined away at some point if the engine was rebuilt. Experts can usually tell if a block has been machined and restamped in order to deceive buyers, so if in doubt, it’s worth the effort to consult with someone familiar with factory markings. If a Z/28 suffered an engine failure, back when it was still a late-model car, it might’ve had a service replacement engine installed at the dealer. Those were stamped CE on the block pad followed by a serial number. If there’s documentation to support that swap, it’s not the worst thing, but the car’s value will likely be affected.

A four-speed manual was the only transmission offered in the ’69 Z/28 but it could’ve been one of three: the “wide-ratio” Muncie M20 or the two “close-ratio” boxes—the M21 or the heavy duty M22. If the transmission is original to the car, it should have a partial VIN stamped on the side or top of the case. Gear noise is a characteristic of the M22 but those transmissions are uncommon in ’69 Z/28s. The other gearboxes should spin relatively quietly and shift smoothly. Popping out of gear when lifting off the throttle could be a sign of a shifter in need of adjustment or sloppy bushings. It could also mean that it’s time for a transmission rebuild. Muncie four-speeds are stout transmissions with a huge fanbase and widespread parts availability.

An 8.875-inch 12-bolt rear axle was mandatory under the ’69 Z/28. The standard gear ratio was 3.73:1 but factory literature notes the availability of 3.07:1, 3.31:1, 3.55:1, and 4.10:1. It also notes that Positraction was an option, but required with 4.10s, and that the 3.07 gearset was available only with the M20 (likely because of its deeper first, second, third, and reverse gears). The 12-bolt is a ruggedly built axle that’s easy to maintain and service. Excessive gear whine is a cause for concern as is chatter from a Positraction differential.

Circa-’69 there were no custom embroidered Z/28 headrests or special racing bucket seats to be had—the furniture in a Z/28 was identical to any other Camaro. The standard interior was all-vinyl upholstery on bucket seats. From there, buyers could upgrade to the deluxe interior with Comfortweave-insert vinyl upholstery or cloth houndstooth inserts, complimented by door panels with molded-in armrests and pull straps, as well as woodgrain dash/ steering wheel accents. All Z/28s had a Hurst shifter between the seats, either with or without an optional center console. Air conditioning was off the table in the Z/28—it wasn’t available with the 302. The Z/28 package didn’t include a full set of gauges either: a tachometer was an option as were auxiliary instruments mounted to the optional console. The aftermarket has first-generation Camaro interiors covered and everything needed to make a ’69 Z/28’s interior livable again is available.

Parts Prices

Alternator (55 amp): $120

Exhaust system: $420

Front fender (without RS): $332

Quarter panel (full): $290

Interior kit (standard): $1,528

Interior kit (deluxe): $2,194

Power steering conversion kit: $1,074

Rear axle, 12-bolt, 3.73:1: $3,300

What to Pay

1969: Low-$55,000; Average-$72,000; High-$114,000