Speculation by the automotive press about what Chevrolet was up to with the Corvette has been going on since the mid '50s. By 1982, word was out that there would finally be a new Corvette, soon.

Thanks to the sales success of the Corvette in the late '70s, the GM bean counters commanded, "Sales are great – keep making them!" Although enthusiasts were dying for a new Corvette, the delaying of the C4 gave engineering a chance to make the last of the C3 Corvettes as good as they could, considering the restrictions they had to work with.

The only thing faster than a Corvette in early '80s America was inflation. The last C3 was also the most expensive of the Shark Corvettes. The new base price was $18,290 – up $2,032 from '81! And to send the C3 into the history books with a splash, Chevrolet offered the "Collector Edition Corvette" for a whopping $22,537 – making it the first Corvette to bust the 20K barrier. But because the press was all a buzz over the pending C4, buyers opted to wait and see. Consequently, the '82 Corvette only sold 25,407 units – down 15,199 from '81. That was the lowest sales year since 1971.

Chief engineer, Dave McLellan decided that the Collector Edition would offer, "...a unique combination of color, equipment, and innovation – resulting in one of the most comprehensive packages ever offered to the Corvette buyer." For an extra $4,247 the Collector's Edition Corvette included a lift-back rear window hatch, aluminum wheels, silver and beige paint, matching leather interior, and special emblems. To prevent imitation versions, the car had special i.d. plates.

By the end of the year, 6,759 Collector Editions were sold – slightly less then the '78 Corvette Pace Car. Many felt that the Collector Edition splash was to distract the fact that there was only one engine available, the 200hp L83 and a manual transmission was not available. The new "Cross-Fire Injection" engine was hardly noticed.