Yes, I think you're right - all things being equal, it'll be cheaper to buy a Camaro as well as the parts for the Camaro. Not exceedingly cheaper, since, theoretically, we may be referring to a car that is over 10 years old (i.e., a 97 model), but still cheaper. If your pocketbook is living on the metaphorical edge and every single penny counts, then the Camaro may be the more logical choice. (However, if you're that strapped for cash, I'm not sure why you'd be buying a car at all.) If it's not, then it's time to consider other factors, like aesthetics, build quality, and so forth. This is where, for me, the Corvette starts to clearly distance itself from the Camaro. Aesthetically, for instance, the Corvette is the much more appealing car, IMHO. That I like the way it looks so much more than a Camaro will result in me paying more for that.
In the end, I suppose you have to determine what things other than price and the price of parts are important to you in this equation. Regardless of the way you dissect it, though, the Corvette will probably end up coming out on top in all of those extra categories, as it should: it's not exactly in the same class as a Camaro, and it was designed to cost tens of thousands of dollars more than a Camaro.