Cool Factor: A+
It's hard to get cooler than a '73 -'81 Firebird Formula. They have looks, performance, and are nostalgic.
Where to Look
EBay Motors (www.ebaymotors.com). In a typical week, you can find 5 to 10 Second-Gen Formulas and, for whatever reason, bidders tend to shy away from this model in favor of the Trans Am. Try this method on eBay. When an item doesn't sell, e-mail the seller and negotiate a better deal after the auction ends.
These are some examples we found:
'76 Pontiac Formula, 65,000 miles
Seller's Description: "'76 Firebird Formula 350ci V-8, automatic with original buildsheet. Nice solid straight car. Runs and drives like new. Nice car, $3,699."
'79 Pontiac Formula, 122,283 miles
Seller's Description: "Wow, check out this '79 Pontiac Firebird Formula. Beautiful blue exterior, clean black interior, automatic, V-8, AM/FM stereo, CD player, runs and drives great, $3,999."
'85-'92 Firebird trans am and formula
The Hook
Back in the Reagan era, Third-Gen popularity exploded with the release of the TPI fuel-injected 5.0L engine in 1985. Today, however, though popular among hobbyists, Third-Gens have not appreciated in value nearly as quickly as many other Pontiac performance cars, so they are affordable.
Advantages
These late-model Trans Ams and Formulas feature fantastic styling, great handling, Overdrive transmissions, airbags (1990-92), and good fuel economy. Most repair parts are available at over-the-counter auto-supply houses.
The 305 TPI cars (190-215 hp depending upon year) and the 350 TPI cars (225-245 hp depending upon year) can be mildly modified with headers, cold-air induction, and computer tunes for reasonable cost, as can carbureted and TBI models.
WS6 Trans Ams, GTAs, and the Formulas include upgraded suspension, 16x8 wheels 245/50ZR16 tires, and four-wheel disc brakes. They're excellent handlers, even in stock form.
Disadvantages
Third-Gens have a reputation of being beat upon by street racers and overzealous teenagers. Factory performance of the V-8s was good for its day, but not great when compared with the Fourth-Gens that followed. Serious power requires substantial engine work, as the induction system, heads, and cam in all 305 and 350 engines were not optimized for high-rpm output. Like the Second-Gens, Third-Gens have squeaks and rattles because of their design and stiff heavy-duty suspension.
Swapability
There is easy interchange between the GM 305 and 350 TPI engines and 700-R4 automatic and T5 five-speed manual transmissions of this era. The pre-'87 engines have some differences from the '87-'92s, such as intake-manifold bolt angle, two-piece versus one-piece rear-main seal, shorter versus longer lifter bosses, and perimeter-bolt versus center-bolt valve covers.
A dual-cat exhaust-available on '89-'92 305 and standard with 350 motors-would be a cheap upgrade on an earlier model. WS6, GTAs and Formulas had the biggest stabilizer bars and best suspension components, all of which are bolt-ins for models that weren't so equipped.
Cool Factor: A
Classic styling, low entry fee, and the potential to put many more expensive performance cars into the weeds in the turns make the Third-Gens solid buys.
Where to Look
Once again, eBay Motors (www.ebaymotors.com) is a great online source for Third-Gen Trans Ams and Firebirds.
Here are some examples we found:
'89 Trans Am, 105,000 miles
Seller's Description: "A/C, cruise control, power locks, power steering, bucket seats, fog lights, cassette radio, power windows, alloy wheels, T-tops, 10,000 miles on new engine including new injectors, new alternator, new starter and new water pump. Has new battery, new fuel tank and pump, new drums and rotors. A/C converted to R134A. Garage-kept and stored winters. Car cover included. $3,995."
'92 Pontiac Firebird Formula, 55,000 miles
Seller's Description: "'92 Pontiac Firebird Formula, 55,000 miles, V-8 5.0L, automatic, extremely low 55k miles, Carfax verified. This Firebird is unbelievable, black beauty, gold honeycomb wheels, new tires, tan cloth interior, power everything, ice cold A/C, CD, excellent condition, a must see, $3, 950."
Conclusion
See how easy it is to buy a good-looking and ready-to-enjoy Pontiac-either traditional or late-model-for $5,000 or less? Scrape up some cash, choose your Pontiac, and get to work. You'll enjoy your purchase much more than the auction crowd because you can drive your Pontiac, not keep it in a museum.
Don't buy a vehicle sight unseen, especially if you're new to the hobby, and never send money in advance for a vehicle unless you've verified the vehicle exists, has a good title, and that the seller is trustworthy. Happy hunting.
Special thanks to Rocky Rotella.