Should they be compared? No because they are different cars like you said. Are they compared? Yes they are by most people looking to buy a performance car in this price range. Example, I have a budget of about $35k and I'm looking to buy a performance car. I'm obviously gonna cross shop the Z with the 5.0 and even other things like an Evo, Sti, Cayman (used), etc. Just because the cars aren't in the same class doesn't mean I can't compare them. These comparisons are perfectly valid in my decision of which car I want to buy.
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