Not for Church Goers: This 340-HP Four-Speed 1962 Corvette Is What We Want for Christmas

The Chevrolet sportscar was launched in 1953, and 300 units were assembled. Enthusiasm swept the top floors of GM’s headquarters the following year, thanks to a 1,200% increase in sales. However, the joy was short-lived: after the 3,640 convertibles of 1954 were all sold, Chevy’s executives were rubbing their hands in anticipation of 1955.

This is where Ford decided to prick its tail into the two-seater-automobile affair, sneaking past the sports car paradigm by claiming the Thunderbird was a personal luxury car. Whatever the Blue Oval parlance might have lipsticked it, buyers bought it hook, line, and sinker and hoarded to get the all-new T-Bird. The Corvette sold 700 units, while the FoMoCo outshined it 23-to-1, with over 16,000 'Not-a-Sportscar' sold.

Naturally, the top hats from General Motors instantly developed a very allergic reaction to this cataclysmic failure. They even considered dispatching the ‘Vette section of the 1956 sales brochures straight to the archives, along with the car. Luckily, the holy spirit of motoring wisdom got the better of them, and the model was kept in the Chevrolet lineup. From there on, it was a steady and solid climb toward stardom, as the Corvette has never skipped a production year since.

The first generation was retired (after ten model years) in 1962, reaching a record 14,531 units, putting the total C1 production at a tad over 69,000 cars. By mathematical appointment, the ‘62s are the most common among their generation. They also sport some distinct features that were available only for that year.

The biggest news was the 327-cube (5.3-liter) V8 family, replacing the 283s from previous years (4.6-liter). Four engines offered various power ratings, from the 250-hp ‘Street Engine’ tune to the rapturous 360-hp from the top-performing fuelie. Sitting between the two were a 300-hp option and the 340-hp ‘Ultra-High Performance’ V8. (The excerpts are from the sales brochure of that year; you can scroll through it in the gallery if you want).

The non-injected triplet of eight-cylinders had a single four-barrel carb (the size varied), different compressions (10.5:1 in the 250- and 300-hp, 11.25:1 in the other, same as in the Ramjet Fuel Injection), and different internals. The muscle-bound 340-hp and 360-hp 327s relied on solid lifters and special cams for their go-fast appeal. The rear axle ratios came in bundles – no less than six gearing options were offered for the powerful V8s, ranging from 3.08:1 to the standard 3.70 and peaking at a 4.56 tire-sublimating diff.

While the fuel-injected powerplant gained relatively low popularity, at 1,918 orders, the carbureted 340-hp came in strong, with 4,412 buyers going for the $107.60 option. It was less than a quarter of the price of the top performer ($484.20). For only 20 extra ponies, it was hardly worth the effort. For the money, a discerning customer could have the 340 with a four-speed and the signal-seeking AM radio.

That’s what’s on this Sateen Silver ‘Vette starring in a video by Lou Costabile this September in Medford, Oregon. The car is a frame-off restoration performed by the owner, John Castle – with extensive help from his father – but it is as close to the factory specs as possible. The exciting part about this splendid example is its regular-driver status.

The owner didn’t buy the car in 2007 only to shove it in climate-controlled storage or retire it on a trailer. No, sir, this car is for driving – something it achieves with a big smiles-per-gallon enthusiasm – and that’s why the owner replaced the factory drums on the front with more assuring discs.

The restoration took four years and many late-night calls to ‘Dad’ (Gary Castle, John’s father), as we can read on the billboard in the trunk. Castle Sr. is responsible for his son’s love for the C1s – the ’59 Corvette Gary owned was enough to pass the addiction down to the little boy.

The ’62 was the last Corvette to sport a proper lid over the cargo bay until the C5 of 1998 (the glass-hatch C4 doesn’t count. Its luggage space is accessible from the outside, but there’s no traditional deck lid over it). Apart from that single board that points out a few details about this stunning C1, there’s nothing of much interest in the back. However, the owner could mention the ‘Best in Shows’ his car was awarded this year and in 2022.

This is one of the best-looking 1962 Corvettes out there, regardless of its ‘restored’ status. When he acquired the ‘Vette, John Castle struck gold just 20 miles from his hometown despite a thorough and lengthy search far and wide. It wasn’t in the best condition, so the buyer went all in and rebuilt it from the ground up.