The third-generation Chevrolet Camaro was introduced for the 1982 model year. It continued to use General Motors's F-body platform and would produce a "20th Anniversary Commemorative Edition" for 1987 and "25th Anniversary Heritage Edition" for 1992. These were also the first Camaros with factory fuel injection, four-speed automatic transmissions, five-speed manual transmissions, four-cylinder engines, 16-inch wheels, and hatchback bodies. The third-generation Camaro continued through the 1992 model year.
For 1987, the 350 TPI and 305 TPI with 5-speed manual transmission, were available for the first time on the IROC-Z28. The new 350 (RPO code L98) was only available in the IROC-Z and only with an automatic transmission. The TPI 350 motor was not visually distinguishable from the TPI 305. The 305 TPI equipped with automatic transmission came with 190 hp while the Manual 305 TPI got a 215 hp (160 kW) rating. The 350 L98 gave a boost to 225 hp @ 4400 and 330ftlb @ 2800. All V8 engines received hydraulic roller lifters and new valve cover/head design. Valve covers featured new sealing and center bolts in the valve covers. Heads featured new raised lip for improved valve cover sealing and the two center intake bolts were changed from 90-degree orientation to 72 degrees. G92 and L98 cars got the Borg-Warner HD 7.75-inch (197 mm) four pinion rear end, produced for GM Holden's Limited of Australia (Firebird WS6 cars went to this unit in 1986). These units can be identified by their 9 bolt (rather than 10) differential cover that has a rubber drain plug. The Borg-Warner logo is also cast into the bottom of the differential case. This rear axle came with tapered rather than straight roller bearings and a cone-clutch rather than disc-clutch limited slip unit. These units came painted black from the factory while most others were bare metal. All 1987 350 TPI L98 IROC-Z's required 3.27 gears, J65 rear disc brakes, G80 limited slip differential, and KC4 engine oil cooler.
The largest visual change this year was the CHMSL (third brake light) was now mounted inside the rear spoiler instead of on top of the rear hatch (except the base coupe without the spoiler option - on those cars it remained on top of the hatch like the previous year). The Berlinettas were no longer available this year, replaced with a new LT model, while the base Camaro and Z28 continued as before. 145 mph (233 km/h) speedometers became standard in the IROC-Zs and Z28s, the base Camaro and LT got a new 110 mph (180 km/h) unit. The 2.8 V6 and 5.0 carbureted V8s carried on with no changes.
Other big Camaro news was a Camaro convertible that was introduced for the first time since 1969 as a regular production option. Available on the Sport Coupe and IROC-Z, the conversion was performed on t-top equipped (t-top models have extra bracing) Camaros by ASC American Sunroof Company. Only 1,007 were produced in the first year of production. 1987 marked the 20th anniversary of the Camaro and the convertibles were considered the anniversary editions and were signified by a special dash badge that read "20th Anniversary Commemorative Edition". Some 1987 T-Top models were made into convertibles by ASC after the customer took delivery. This is why there are some convertibles with the body VIN code of 2, meaning they were coupes, not convertibles (which have a body VIN code of 3). This was also the last year of production at GM's Norwood, OH facility as sales continued to decline therefore resulting in production reduced to the Van Nuys assembly plant located in Southern California.
Source: Wikipedia, 2012