an observation
UpperNineD,
From your comments, I am afraid you may have a tough decision ahead. I am not an expert, far from it, but from what I have learned here on CAC...the later C3s will be closer to your price range than the earlier ones, which had more power from the factory.
Reliability depends on how well the engine and drivetrain were maintained and cared for. My 78 has been very reliable, we've made some major repairs, but I manage to keep it well maintained. A lower hp engine can be souped up with some modifications...exhaust, intake, heads and cams...however, you'd need to ask someone with more mechanical experience than I.
The best advice I can give, is to thoroughly check the car before purchase. Having a Corvette experienced person with you can help. Contact local vette clubs in your area if you wish, for someone to help. Lastly, buy the best Corvette you can afford. Fixer-uppers while cheaper, usually cost more in the long run...and I'd only reccomend this avenue if you can do most of the restoration yourself.
CAC Administrator Rob, has a Corvette Pre-purchase check list here on the site, check it out and refer to it during your purchase adventure!
Good luck!
Silver