Ed,
Welcome to the Corvette Action Center. You've asked a popular question, and hopefully I can help shed some light.
Contrary to popular belief, the C4 generation is an extremely good generation to find good buys. This particular generation although not as...visually appealing as the Shark years, is better engineered for better all around performance (there's no way in hell you can beat the eyeball-sucking torque of a '69 big block!!:eek ). Acceleration, handling and fuel consumption were excellent in that generation. As a result, you can pick up an excellent performance car that will be very reliable for you in the long run vs. a pre-1970 model that (if not fully restored), could be problematic and more costly to repair down the road. (I could be wrong here, so you Shark folks...just put down your rotten vegetables before hucking them at me.

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With that said, keep in mind that each year, Corvette Engineers worked hard at addressing quality and performance issues. Each year, there were decent improvements in both areas. Of course, the '94 - '96 model years saw their greatest advances in quality due to Chevrolet's implementation of stricter quality control regulations on the production line in Bowling Green, KY.
Along with improvements in quality and performance, some options changed from '86 - '96.
I recommend that you run through the '86 - '96 specifications here on the Corvette Action Center, or just <a href="../specs/1986.html">click here</a> for the 1986 Specifications page. From there, you can scroll through each model year, one after the other. I also suggest that you pick up a copy of <a href="http://www.amazon.com/exec/obidos/ASIN/0933534493/104-6366133-0896715">The Corvette Black Book</a> by Michael Antonick. This is an extremely valuable pocket guide that you can use as reference and take with you when you go to look at used Corvettes. Hope this helps.