The car community was waiting on pins and needles for the recent reveal of Chevrolet’s new Corvette. While most were expecting the quality and features that Chevy delivered, the Corvette‘s price tag sent Corvette fans everywhere reeling. Instead of the outrageous price you’d expect from a mid-engine supercar, Chevrolet unveiled an impressive, barely believable, starting price of under $60,000.

Chevy’s big 2020 Corvette reveal

Mid-July of 2019 brought the unveiling of General Motors and Chevrolet’s 2020 C8 Corvette Stingray in Tustin, California. With a brilliant red, white, and blue, design, it was a showstopper. Debuting the mid-engine sportscar was GM President Mark Reuss and Corvette Chief Engineer and Vehicle Line Manager Tadge Juechter, according to Motor Authority.

Many were shocked by the new Corvette’s future purchase price, but with Corvette sales declining every year since 2014, Chevrolet is pulling out all the stops to ensure Corvette sales will improve. Its new sticker tag of under $60,000 will certainly help. Even experts are reeling, with CNBC quoting the executive publisher of Autotrader and Kelley Blue Book as saying, “For GM to offer the new Corvette for under $60,000 is incredibly impressive given the advanced nature of the new car.”

How Chevy’s keeping the Corvette under $60,000

When asked about the new Corvette’s reasonable price, Reuss and Juechter claim that they can give credit to the economics of scale. With the power and size of a company like General Motors behind the project, big corporate backing allows for the ability to provide features without consumers paying for extras. According to Motor 1, engineering performance value behind a corporation has its benefits. It also allows them to spread the Corvette’s cost over an expanded future lineup, with plenty of plans to expand into a “portfolio” of Corvettes and the ability to spread technologies over a wide range of brands.

In addition to the Corvette’s big-business parents, Chief Engineer Juechter also credited the use of GM’s new Global B electrical platform, which is soon to be used across the whole General Motors lineup. This new electrical platform provides wiring, computers, and structure needed for active safety systems, electric vehicles, and infotainment systems. It’s also used in GM’s hands-free driving system called Super Cruise. According to Motor Authority, this new platform can install updates over the air and heighten cybersecurity for vehicles. General Motors designed this new platform in response to the demands of today’s technology-driven drivers, requiring “more electrical bandwidth” than ever before.

GM plans on producing their Global B platform on a large scale, minimizing cost for the Corvette. It will be able to manage 5.4 terabytes of data processing per hour, which is five times more than GM’s current electrical platform. An ethernet connection will also be present, with three connection speeds. In the future, Global B has the bandwidth to support 5G connections.

The 2020 Corvette: all the details

In addition to an impressive starting price of around an estimated $55,000, the new 2020 Corvette will feature a 6.2-liter V8 small-block engine that is visible through a rear hatch window. According to Chevrolet, the engine will deliver 495 hp and 470 lb-ft of torque, going 0-to-60 mph in under 3.0 seconds. It will also have a new body structure that is 10% stiffer than ever before and tires that are 19 inches in the front and 20 inches in the rear. Though there won’t be an option for a manual transmission, the 2020 Corvette will receive a brand new dual-clutch gearbox and it will go on sale early next year.