For the first time since 1969, a convertible joined the Chevrolet Camaro lineup for 1987. This time, it wasn’t a factory-built ragtop but a conversion by ASC, available in both Sport Coupe and Z28 with their variants the LT Sport Coupe or IROC-Z28. Total production for the year was 137,760 units, with 60,439 V-6-powered and 77,321 with a V-8. The Camaro Berlinetta was discontinued and replaced with a revived LT model, which was an option package to the Sport Coupe, like the IROC-Z to the Z28.

Prices ranged from $10,409 for the base Sport Coupe, of which 83,890 were sold, to $13,233 for the Z28, which found 52,863 buyers. A mere 263 Sport Coupe convertibles were built at $15,208 and only 744 Z28 ragtops at $17,632 – only half the price of a Corvette convertible.

Base engine for the Sport Coupe was the 135hp V-6, while the base V-8 was either the 165hp or 170hp 305 cid unit. It cost an extra $400, paid by 35,845 buyers. Buyers of the Z28 could opt for a 190hp 305 cid V-8, for $745 extra, and 28,370 did. Other Z28 options included the 215hp LB9 engine and a 225hp 350 cid V-8 borrowed from the Corvette minus the alloy heads and stainless manifolds.

A minor variation was sold in the California as the RS with a fuel-injected V-6 and some IROC-Z options. In an effort to extend high-level style to an affordable model, the target price was $12,800. ASC built no convertibles for the factory with the 350 cid V-8, though some customer cars were converted.

For the ’87 Camaro, Chevrolet also took a page out of the Japanese playbook and grouped options together. There were up to four packages (ISA1, 2, 3, 4) for each of the three Camaro models. Package 1 for the Sport Coupe and Z28 models were free of charge, while the IROC Package 1 was $699. Package 2 ranged from $1,212 for the Sport Coupe to $2,409 for the IROC series, while the top of the line Package 4 for the Sport Coupe cost $2,126 and the LT Package 4 was $2,858. Z28 and IROC models only offered three packages and the Package 3 options cost $2,470 for the Z28 and $3,204 for the IROC.

A number of people still specified individual options, but bundling options simplified production and sold more options. By and large, the market demanded more luxury and comfort items (air conditioning, all power options, automatic transmissions) with a somewhat revived interest in performance.

A total of 11 colors were offered in two-stage clear-coat paint, which would have serious stability issues. Best seller was Bright Red (31,231), followed by Dark Red (24,922), Black (20,871), Bright Blue (18,375), White (17,713), and then a number of colors with few fans. Dark Blue attracted 7,148 buyers, followed by Dark Gray (5,494), Silver (4,997), Yellow (3,052), Light Gray (2,324) and Dark Brown (1,633).

Chevrolet increased extended powertrain warranty to 60,000 miles or six years in 1987 and the Norwood, Illinois Camaro and Firebird plant was closed at the end of the year.