Same happened to my 2001 Formula, 12.000 original miles.. GM was no help at all, they can suck it!!! They need to be gone. GM, you suck!!!
I have a 38 year old Vette with very low mileage and original paint. For some reason my paint does not look brand new anymore, even though I rarely pull it out and park briefly in the sun at times. Perhaps if I had a climate controlled garage, that would not be an issue.
38 years ago I believe GM used lacquer paint on your car, and that will dull down over time. Have a professional give it a light buffing; it will look like new again.
It wouldn't matter to GM what the mileage was on the car. How would they know what conditions the car was sitting in for that 7 years? Sure you could say it was kept in climate control, but there would be no proof that something else didn't cause this issue after such a long time. I've seen plenty of old cars with extremely low miles that are in pretty poor condition because they were stored improperly.
I agree it SUCKS that you have to dump $1,000. essentially for nothing, but EVERY car has their problems. Some problems due to premature failure or poor design/quality. If I were you, I would get it repaired/replaced and enjoy the hell out of the car. Essentially, you enjoy it and intend on keeping it. So repair and forget about it. Be grateful, that T.A.'s have bullet proof drivetrains and overall are an inexpensive car to maintain/repair. If you really want repair/maintenance bills to complain about, trade in the TA and buy a Porsche. Every minor repair is going to whack you at least a grand.
I would take your car to the dealer, and have them repair it. Pick the car up and take it for one hell of a rip, smiling all the way home. Remember what you bought it for: FUN. It's a toy, and sometimes you have to throw some money at a toy.
I would buy some new tires while you're at it. Old rubber leads to blow outs at higher speeds. (keep the originals for originality/collectability sake) I know there's only 3K miles, but rubber deteriorates as it ages, even though it may look new. High speeds and cornering heat the tires, and old rubber can't handle it.
Go to Carlisle Pa sometime and find plenty of used tops. I've cracked 2 different cars glass T Tops (so now I buy convertibles); the most I ever paid for a used set was $250. Who said you have to buy new. The car isn't new anymore. Some cars with no miles on them; you are lucky to get back what you paid new... so drive them!
My low mileage buys ended up having various issues with seals, cooling brake systems condensated and needing full replacements. I'd rather buy a car driven every 2 weeks at least 20 minutes each time, than one that sat. It can be mechanically expensive, even though garaged and scarcely driven.
I also use synthetic change once a year, but use regular brake fluid and change every 3. And change antifreeze, rear axle etc.
That car would last you easily 250,000 miles. They were designed to go for 300,000 miles, if you don't drive it like a rental.
The engine is a LS1, which GM had designed years before its release years after it was engineered.
I myself have a regular Trans Am, no problems thus far. It has 100,000 miles and I haven't even replaced the spark plugs.
The paint however, is not at its prime even though I wax it weekly. Ask any Auto Body, they will tell you every car's paint will never be in showroom condition unless you don't drive it at all.