As a past vette owner, I used to wave at every vette I saw, but also having owned two camaro in the past, I very rarely waved at a camaro owner.
For me, there were few vettes so it was not common to run into one daily so it was fine. But I see so many camaros out there on the roads that I think I might end up injuring my arm waving at every block. (just stretching a bit

)
Probably would wave at a gen5 until we get so many out there that it becomes dangerous waving so much while driving.
Taz