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The Z06 is a very fun car and C5's are a very good value overall. That doesn't sound like a bad deal.
My only caution would be to think about why you bought your 2LS-- If it was because of a long commute, or a need for low operational costs, the Z06 isn't exactly an economical/practical car to own. Just make sure you're prepared for that!
If you do it, enjoy it, and be sure to post up pics!
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