Chevy Corvette Priced at $78,995

By Douglas A. McIntyre Published Aug 23, 9:10AM EDT

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Many car companies have what are known as “halo brands.” These usually have features that push prices beyond the sum most consumers can spend. But they bring consumers into the showroom, if only to have a look at what they would like, but won’t be able to buy. The new General Motors Co. (NYSE: GM) 2015 Chevrolet Corvette Z06 is one of these. It has a base price tag of $78,995. Its 650 horsepower engine is well above what most drivers can handle — safely. But Chevy hopes it will bring in foot traffic.

Several similar cars have been introduced recently. The new Dodge Charger SRT Hellcat has a 707 horsepower engine. The car can travel at up to 204 miles per hour. Though it is completely impracticable for all but a handful of drivers, Dodge, its sales flagging, has gotten a public relations benefit from the vehicle, the value of which ranges into the millions of dollars. Dodge’s sales this year are down 3% to 350,042 through July. Sales of its parent group Chrysler rose 13% to 1,187,790. Dodge needed a new flagship. It got on in the new Charger.

The 2015 Chevrolet Corvette Z06 will help the Chevy brand, which has been at the center of GM’s massive recalls. Chevy sales for the first seven months of the year are up only 2.2% to 1,203,063. And Chevy is by far GM’s largest brand by sales volume.

Chevy’s base price for the 2014 Corvette is $53,000, for a car with 460 horsepower. The price puts it within reach of many sports car drivers, and is well below what import car companies charge for vehicles that are equally powerful.

The 2015 Chevrolet Corvette Z06, on the other hand, is nearly $90,000 with the addition of all of the car’s optional packages and equipment:

Leveraging learnings from the Corvette Racing program, the $2,995 Carbon Fiber Ground Effects package enables the Corvette Z06 to produce true aerodynamic downforce for increased stability at high speeds. The package adds a functional carbon fiber front splitter, carbon fiber rocker panels and a larger rear spoiler.

For the ultimate performance, the Z07 Performance Package is available for $7,995, adding Brembo carbon ceramic-matrix brake rotors that improve braking performance and contribute to better handling through reduced unsprung weight. The Z07 package adds adjustable front and rear aerodynamic components to the Carbon Fiber Ground Effects package for unprecedented aerodynamic downforce and Michelin Pilot Super Sport Cup tires for enhanced grip.

The automotive and general press have already begun a frenzy of coverage. So as a PR tool, the 2015 Chevrolet Corvette Z06 is a success.

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.