The fourth generation Corvette was the first complete redesign of the Corvette since 1963. Production was to begin for the 1983 model year but quality issues and part delays resulted in only 43 prototypes for the 1983 model year being produced that were never sold. All of the 1983 prototypes were destroyed or serialized to 1984 except one with a white exterior, medium blue interior, L83 350 ci, 205 bhp V8, and 4-speed automatic transmission. After extensive testing and modifications were completed, it was initially retired as a display sitting in an external wall over the Bowling Green Assembly Plant''s employee entrance. Later this only surviving 1983 prototype was removed, restored and is now on public display at the National Corvette Museum in Bowling Green, Kentucky. It is still owned by GM. On February 12, 2014, it was nearly lost to a sinkhole which opened up under the museum. Eight Corvettes were lost.
Regular fourth generation production began on January 3, 1983; the 1984 model year and delivery to customers began in March 1983. The 1984 model carried over the 350 cu in (5.7 L) L83 slightly more powerful (5 bhp) "Crossfire" V8 engine from the final 1982 third generation model. New chassis features were aluminum brake calipers and an all-aluminum suspension for weight savings and rigidity. The new one piece targa top had no center reinforcement. A new electronic dashboard with digital liquid crystal displays for the speedometer and tachometer was standard. Beginning in 1985, the 230 bhp (170 kW) L98 engine with tuned port fuel injection became the standard engine.
1986 Corvette Convertible Indy 500 Pace Car Edition
September 1984 through 1988 Corvettes offered a Doug Nash designed "4+3" transmission - a 4-speed manual coupled to an automatic overdrive on the top three gears. It was designed to help the Corvette meet U.S. fuel economy standards. Since 1981 (when it was last offered), a manual transmission returned to the Corvette starting with production in late-1984. The transmission proved to be problematic and was replaced by a modern ZF 6-speed manual gearbox in 1989.
In 1986, the second Corvette Indy Pace Car was released. It was the first convertible Corvette since 1975. A Center High Mounted Signal Light (CHMSL) - a third center brake light - was added in 1986 to comply with safety regulations. While the color of the pace car used in the race was yellow, all 1986 convertibles also had an Indy 500 emblem mounted on the console, making any color a "pace car edition". In 1987, the B2K twin-turbo option became available from the factory. The Callaway Corvette was a Regular Production Option (RPO B2K). The B2K option coexisted from 1990 to 1991 with the ZR-1 option, which then replaced it. Early B2Ks produced 345 bhp (257 kW) and 450 lb*ft (610 N*m); later versions boasted 450 bhp (336 kW) and 613 lb*ft (831 N*m).