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Oil consumption is common on these cars when you run them hard. Knocking/pecking (the engines) appears to be common when you first start them up in the morning or when they've been sitting for a little while. My friend talked to the dealership about it, and they said it was "piston slap" caused from the contraction of the piston after it has cooled down. I know of a lot of ls-1's that do it.
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