Here's the story:
Illustrated Corvette Series No. 60 - 1978 Corvette
"Finally A New Look"

As the Corvette's silver anniversary was approaching, there was quite a lot of excitement in the automotive press over the possibility of an all-new, mid-engine '78 Corvette. This was not pure speculation though. Since '68, Chevrolet had teased Corvette fans with seven mid-engine prototypes! But, it was not to be. Why? Corvettes were just too successfull.

The 500,000th Corvette rolled off the assembly line on March 15, 1977. This was due in large part to the huge surge in sales beginning in '72. Management at G.M. figured, "Why stop a good thing?" However, by '77, the overall styling was 10-years old, getting stale, and a mid-engine redesign was out of the question. The front and rear bumpers, hood, and fenders had been updated, so the only thing left to change was the roof. The new glass fastback roof was a refreshing improvement.

The '78 Corvette had three variations: the stock Corvette with the new roof and all the new options, the Silver Anniversary paint option, and the Pace Car Replica option. (To be covered next.)

The improved package was a winner with buyers, selling 46,776 units, down from '77, but higher than '76. Overall, it was a solid hit.The base price of the '78 Corvette was up $704 from '77, to $9,351. Well-optioned cars cost over $11,000! Besides the new fastback roof, there were many other improvements. The base engine had another 5hp, and the optional $525 L82 was up 10hp, to 220hp. A wide-ratio four-speed gear box, T-top, and leather interior was standard. The Corvette finally had optional 60-series tires for $216, and the gas tank how held 24 gallons. The interior had new features as well. The dash had a square housing around the speedometer and tachometer, new controls for the wiper controls, a real glove box, new door panels, and a roller-type screen for the fastback area. Finally, the $349 glass T-top panels were available. Special 25th Anniversary badges were on the nose and the gas filler cap, and there was a $399, two-tone, light and dark silver paint option.

The '78 Corvette was a much- improved car. But, at 3,595 pounds, the extra 20hp in the L82 had little affect on performance. Chief of Corvette Engineering Dave McLellan's mission was to satisfy the current Corvette customers who wanted style and comfort. Dwindling power and performance didn't matter to buyers. It's hard to tell if Duntov could have made a difference. After all, this is General Motors, and "sales" is the bottom line. - K. Scott Teeters

Here's the story:
Illustrated Corvette Series No. 61 - 1978 Pace Car Special Corvette
"25th Anniversary Collectible?"

The Corvette legend is founded on racing and performance, and the mid-to-late '70s was the pits. Power was down, weight was up, and Porsches were eating the Corvette's lunch at the race track. The announcement that the 25th anniversary Corvette would also be the pace car at the '78 Indy 500, looked like the highlight of the decade for Corvette fans. But controversy was in the mix right from the beginning.

Initially, it looked like a triple-play for Chevrolet. First, the '78 Corvette received a sleek new fastback roof that completed the overall redesign started in '73 with the soft bumper covers. Second, all Corvettes wore the 25th Anniversary badges. And third, a special edition Corvette would serve as the pace car at the '78 Indy 500. Then the details set in.

The initial idea was that there would be 300 pace car replicas the same number as the '53 production run. The car would have a two-tone silver paint (for the silver anniversary), red pin striping, and special Goodyear tires with "CORVETTE" sidewall lettering. Then the plan was to make 2,500 replicas, 100 for each year of production. But there were 6,200 dealers that all wanted at least one replica, so production went up to 6,502 units.

Then there was the price issue. The RPO Z78 package cost $4,302! Here's what came with the option. The exterior had special two-tone paint and pin striping, front and rear spoilers, glass roof panels, sport mirrors, and red pin stripped aluminum wheels on P225/60R15 tires. The interior came with power windows and door locks, tilt-telescopic steering column, convenience group, silver thin-shell seats, AM/FM with a CB radio or an 8-track tape player, dual rear speakers, and a power antenna. The $525 L82 engine rated at 220 hp was not part of the package.

The controversy started right on the showroom floor. For a "preminm collectible," quality was not good fender seams were clearly visable on many cars. Then there were the opportunistic dealers who tacked on surcharges that bumped the price up to between $15,000 to $22,000. One dealer was asking $75,000 for his replica. Then, there were individuals making replicas of the pace car replica, asking full price for their creations! All that, for a car with no more "grunt" than a regular Corvette.

In today's market, '78 Pace Car Corvettes can be purchased for between $6,500 to $37,500. Between the high volumn and low performance, the car's value never really took off. But imagine a '69 427/435 Pace Car Corvette, instead of the '69 Pace Car Camaro. Now you're talking! - K. Scott Teeters