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Chrysler's E-Body was to the muscle car bubble what Florida (not to mention California, Nevada and Arizona) were to the U.S. real estate bubble. At the very top of said muscle car bubble? All together now: The 1971 Hemi 'Cuda convertible--Plymouth's outrageous drop-top street-legal race car, of which 11 were built.

Three years ago at RM's Vintage Motor Cars in Arizona auction, one of the heavy 11 changed hands for a lofty $2.42 million. That was before the 2008 stock market collapse--but it's safe to say that those cars are still coveted enough to draw out collectors with seven figures to spend.

What has more likely taken a beating in this market are the hopes of collectors looking to retire rich off the sales of the less rare and less sought-after E-bodies. Case in point, the subject of our feature Buyer's Guide, the 1971 Dodge Challenger--a fine machine in its own right, though not a car that enjoyed Hemi 'Cuda hysteria.

''The prices on the cars are directly related to the prices of homes and the economy,'' said Julius Steuer of Restorations by Julius in Chatsworth, California, specializing in 1962-1974 Chrysler products. ''The car prices have dropped to half or less. The rare cars with good documentation still have some value.''

What caused the wild price run-up in the first place? Good question, says Steuer. ''Hemi 'Cuda convertibles were selling at auctions for $2-$3 million. That dragged all the prices up with them. 'If a Hemi 'Cuda convertible is bringing $2 million, then my hardtop has to be worth $750,000 to $1 million.' It was that type of mentality that turned into a bandwagon. Everyone had to have a Hemi car, so they jumped on the bandwagon. A lot of the people spending big money were first-time Mopar buyers. Lots of people were refinancing their homes and taking the money to buy their high school car again."

So where does that leave the aspiring E-body buyer? Probably in a much better bargaining position than he was a few years back. Particularly if he's searching for one of the more reasonably priced cars. Steuer says that purely from a value standpoint today, 1971 was an odd year for the Challenger due to a few factors.

''The biggest engine you could get in a convertible was a 383 with a four-barrel carb. So restoring a [Challenger] convertible is not high on the desirability list,'' he said. ''My formula for finding a quality car for restoration would leave you with a car that has multiple carburetion as a prerequisite. A 440 Six Pack or a Hemi. The other very rare option on a Challenger is a Shaker hood with any engine, 340, 383, 440, 440 Six Pack or Hemi. Even though the 1971 model year had less production, I believe the 1970 model year had higher values, except for a very few models (Hemi cars).''

Body

The Challenger sported some updates for 1971. Up front, an angled, two-panel ''venturi'' grille insert was set between the headlamps, while in the rear, the former one-piece taillamps were split into two, incorporating the reverse lamps. The R/T gained body-colored fiberglass-simulated twin air scoops in front of each rear wheel, and all Challengers could be ordered with flexible, body-colored Elastomeric front and rear bumpers and a vinyl roof.

With any car of this vintage, the vinyl roof covering can give corrosion a nice safe, damp place to grow. Blisters and bubbles that can be seen (or felt) through the vinyl may just be the tip of the rustberg.

The trunk and quarter panels as well as the rockers are also common areas, as is the cowl around the brake master cylinder and hood hinges. Floors, typically in the lowest points of the footwells, can be rusty in these cars as well, and the rust might even extend beneath the seats.

The good news is the skyrocketing value of E-bodies over the last 10-20 years has made them a prime target for the aftermarket. Virtually every piece of these cars is now being reproduced in its entirety. And for those parts that aren't available, there are patch panels on the market. Roof skins, roof braces, cowls, inner and outer fenders, complete quarters, floor pans and more are now just a major credit card number away.

Steuer points out that the '71's grille is an important piece of any restoration.

''Because the '71 model year has a plastic grille, this is an important part to have in good condition when buying a used car,'' he said. ''The finish panel in the rear is also important. There are no reproductions of either of these available.''

Steuer also points out that a Shaker hood is one of the more desirable and rare body panels that any Challenger can have. The N96 Shaker Hood Fresh Air Package was available on any four-barrel or multi-carb-equipped Challenger. Interestingly, just 72 base-model Challengers were equipped with the hood and, while the Shaker was standard on the Hemi 'Cuda, it was an option on a Hemi-powered Challenger R/T.

Engine

The 1971 model year would mark the last pass for the 440 in a Challenger--as well as the Hemi--while the R/T package would be replaced by the Rallye 340 in 1972. Buying a convertible Challenger in 1971 meant you could neither get the R/T option nor the 440.

The 335hp 383 was no longer available, and the 375hp 440 was missing in action as well. As the Challenger T/A option was gone for 1971, the 290hp 340 Six Pack was similarly history. What you could get was a standard (in the Challenger R/T) 300hp 383 or a 275hp 340. The optional V-code 440 Six Pack was detuned 5hp and rated at 385hp at 4,700 RPM and 490-lbs.ft. of torque at 3,200 RPM. It used a forged performance crankshaft, heavy-duty valve springs, magnafluxed connecting rods, high-tension oil control rings and 2.08-inch-diameter intake and 1.75-inch-diameter exhaust valves. It also had the distinction of being externally balanced--something that wasn't common on Mopars.

The thundering Street Hemi was still up for grabs, with 10.2:1 compression and 425hp. In 1971, just 486 cars were built with Hemis company-wide.

Of course the main things to be on the lookout for when shopping for a big-inch, well-optioned E-body are fakes and forgeries. If originality isn't a concern, then your shopping will be substantially easier, not to mention cheaper. But if you're laying out numbers-matching money, you want to be sure you're receiving a numbers-matching vehicle. Buying through trusted sources is always a good idea, or consulting an expert prior to the sale.

''If you are buying a Hemi car, there are special Hemi-only reinforcements that have to be there,'' Steuer said. ''The VIN should appear on the dash, the cowl, the radiator support, and the fender tag. If you are lucky enough to have a matching-numbers car, it will also appear on the engine and the transmission. After that, if you are not sure, call me.''

Transmissions

Three-speed and four-speed manuals were available throughout the E-body's run. The three-speed manual was the standard transmission with the six-cylinder, the 318, 340 and 383. It wasn't available with a 383 four-barrel, the 440 six-barrel or the Hemi. Conversely the A-833 four-speed wasn't available with the six or the 383 two-barrel. Four TorqueFlites were available, depending on the choice of engine, and just two transmissions were courageous enough to stand up to the Hemi, the A-833 four-speed manual and the A-727B TorqueFlite.

Chassis and rear

Chrysler's E-body cars are unit-body based, with a front subframe comprised of two side rails and three cross members. The center crossmember in the subframe is called the K-member, because it's shaped like a K, and it supports the engine and the front suspension.

This is worthy of discussion because six-cylinders, small-blocks, big-blocks and the Hemi each used unique K members, though on 1970-1974 models, small-block cars and big-block cars shared a K-member.

Chrysler E-bodies use upper and lower control arms with torsion bars acting as springs. While the upper arms are shared among all cars, the lower arms were different, depending on whether the car had a front anti-roll bar or not--most high-performance models used a front anti-roll bar. Parts are widely available for E-body front ends both in OEM spec and upgraded aftermarket for improved handling performance.

In the rear, E-bodies used semi-elliptical, multileaf springs. Most cars were equipped with a pack of 4.5 spring leaves, but 1970 and '71 Challengers with the 440 or Hemi had 5.5-leaf springs.

The standard rear with the six-cylinder and the 318 was Chrysler's 7½-inch axle with either a 2.76:1 or 3.23:1 ratio. The 8¾ was standard with other V-8s and available with 2.76:1, 3.23:1, 3.55:1 and 3.91:1 ratios. Ordering the Super Performance Axle Package, the Track Package or the Super Track Package got you the bulletproof Dana 60. The Dana 60 was also installed in 440- and 426-powered cars when a four-speed manual was ordered. Gear ratios installed in the Dana include 3.54:1 and 4.10:1.

Interior

Complete interior kits for 1970-'72 E-body cars that include front and rear seat upholstery, carpet, front and rear door panels, armrest pads, seat backs, kick panels and pillar post moldings are available for less than $2,000. Any of the aforementioned pieces are, of course, available individually as well--as are dashpad covers. Anything that isn't being reproduced can undoubtedly be located used or NOS from the vast network of parts suppliers and E-body junkies.

The Challenger, convertible and R/T were all equipped with high-back bucket seats with molded-in headrests available in blue, black, green, tan, white and gold in the R/T. Leather and vinyl upholstery were available on a Challenger but only in black. It was possible to get a bench seat with an armrest in the base Challenger, in either green or black and only on cars sold with automatic transmissions.

Ordering the Rallye instrument cluster on a Challenger (it came standard on the R/T) netted you a woodgrain dash panel, full instruments, a trip odometer, an 8,000 RPM tachometer and a 150 MPH speedometer. A floor-mounted cassette player/recorder with an optional plug-in microphone was new for 1971 and is a sought-after novelty item today. There were three steering wheels offered in the 1971 Challenger: the standard three-spoke with a black plastic rim and padded horn button in the Challenger coupe, the three-spoke woodgrain rimmed wheel in the Challenger and Challenger R/T and the optional 14½-inch Tuff wheel with a padded rim in the R/T. Reproduction wheels are available, and used pieces aren't difficult to find.

Is there a '71 Challenger in your future? Now might be the best time to buy this Mopar muscle car favorite, while prices are down from all-time highs and restoration parts have never been easier to find. There is also a wealth of information in print and online about these cars--another side effect of their skyrocketing popularity--so opportunities to educate yourself are truly endless.

Specialists

Inline Tube

800-385-9452

www.inlinetube.com

Wildcat Auto Wrecking

(Parts for all Mopars)

503-668-7786

www.wildcatmopars.com

SMS Auto Fabrics

503-263-3535

www.smsautofabrics.com

Parts prices

Battery - $419

Brake calipers (pair, remanufactured) - $215

Bumpers (pair) - $539

Carburetor (rebuilt) - $499

Carpet - $189

Console shell - $495

Cowl - $795

Dashpad - $1,000

Engine (426 Hemi) - $14,999

Exhaust manifolds (Hemi) - $1,179

Fenders (front, pair) - $1,179

Floorpan (front) - $665

Go-Wing - $499

Headliner - $80

Hood scoop, Shaker (complete) - $685

Hood, Shaker - $995

Ignition coil - $70

Kick panels (pair) - $100

Quarter panels (pair) - $1,195

Radiator - $385

Roof skin - $765

Seat covers (front) - $389

Springs, rear leaf (pair) - $329

Starter (remanufactured) - $119

Steering wheel, Tuff - $369

Tachometer - $239

Tail panel - $499

Torsion bar, pair (Hemi) - $305

Transmission rebuild kit (4-speed) - $239

Tires, Goodyear Polyglas (set) - $1,019

Trunk mat (herringbone) - $50

Wheel, steel (each) - $139

Wiring harness (dash) - $539

CLUB SCENE

Walter P. Chrysler Club

616-375-5535

www.chryslerclub.org

Dues: $25/year; Membership: 5,000

National Chrysler Products Club

P.O. Box 64

Fayetteville, Pennsylvania 17222

www.nationalchryslerproductsclub.com

Dues: $25/year; Membership: 325

Mid-America E-Body Club

712-423-3837

www.angelfire.com/super/ebodymoparclub/

Dues: $25/year; Membership: 100

What to pay

1971 Hardtop:

Low: $12,500

Average: $20,000

High: $30,500

ADD:

383 engine, 40 percent; Six Pack, 130-150 percent; 426 engine, 500-600 percent; four-speed, 10 percent

In the February 2010 1963-'67 Corvette Buyer's Guide, we incorrectly listed one of the Corvette Specialists. The listing should have read:

Corvette Specialties of Maryland Inc.

410-795-3180

www.corvettespecialtiesofmd.com

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