Hobby cars aren't purchased as financially wise decisions. They are always overpriced, old and always having little quirks, and are mostly purchased out of love, if that makes sense.

Your car choice is a good one, but also a very expensive one. For a good driver that's already done, you're in the $60k - $80k range. For a showroom model, $150k+. I don't see many, and they are getting rare by the day. You also need to factor in maintenance and whether or not you want fuel injection. That can be a big cost as well.

IF you have the money, a hobby car can be a great way to enjoy your spare time. But it is an expensive hobby to have and if you aren't careful, it can be a case of "never meet your heroes."

If I were you, I'd ask around at some local classic car dealers and see what they charge to do an inspection on a vehicle. That way, when you find one you like, you know where to take it and have it checked out. 

I can tell you to check for the obvious things like rust, matching numbers, a clean title, body panel welds, etc. But for the price you'll be spending on that car I would strongly recommend leaving it to a professional. It could really save you a ton of money.

lots of people own antique hobby cars. The Chevelle is a more popular choice, so aftermarket parts are probably available for the right price.

It's a lot easier if you can work on them yourself. If not, you're relying on the few specialty mechanics out there who still know how to work on them, and they are not cheap. So ultimately, you need to ask yourself how BADLY do you want one?

@mod_man might be able to provide ballpark figures for you , and model specific info.

If it is a weekend cruiser and going to car meets, absolutely, if you are going to drag it, absolutely. Amazing car! Lots of power. You can get leaded fuel at almost any small local airports.

There aren't too many classic cars that would be a bad decision to purchase if you can afford it (Do some research on the car you want to be sure.), but one thing you must check for certain is parts availability and aftermarket support. That is a MUST, check for the normal things like rust or damage of course but you must make sure they made at least 25,000 models of the car you want so the aftermarket has a reason to support the car. I made the mistake of not checking that and now I regret doing so, and coming from someone who owns a classic car, just so you know it's not always sunshine and rainbows. Things are going to happen in the future and you better some some money ready when it does, especially if you end up buying a car that was abused and/or neglected. Also try not to pay some crazy amount either, either have a professional check it or check it thoroughly yourself so you can determine if it is really worth buying.