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2015 Chevrolet Corvette Z06 priced at $78,995

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The 2015 Chevrolet Corvette Z06 has nearly a third more power than the car it replaces, but its bump in price is less than two percent.

Chevy announced today that the 650 hp Corvette will sticker for $78,995 when it goes on sale early next year, up from $77,590 for the 505 hp Z06 last sold in 2013. The first ever convertible version of the Z06 will cost $83,995.

Two-seat sports cars that it will compete against on power and performance, including the McLaren 650S and Ferrari 458 Italia, typically go for around $250,000.

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The Z06 is powered by a supercharged 6.2-liter V8 with 650 hp and 650 lb-ft of torque, making it the most powerful GM car ever produced, and one of the most powerful American cars ever, behind only the 707 hp 2015 Dodge Challenger/Charger SRT Hellcat and 662 hp 2014 Ford Mustang Shelby GT500.

The Z06 is built on the same aluminum frame as the standard 455 hp Corvette Stingray, but gets a laundry list of upgrades to go with the added power, including suspension and aerodynamic tweaks, 12-inch-wide wheels with 335 series tires and available carbon ceramic brakes.

Performance specifications have not yet been revealed, but the Z06 is expected to be the quickest and fastest car Chevrolet has ever produced, with a top speed well in excess of 200 mph.

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