The Corvette looked cleaner for 1962, with less chrome and without the two-tone paint option, though bright rocker-panel trim was added. 1962 also marked the last of the straight axle Corvettes, and was the first year the Corvette was offered with a 327 small block V8. The 327 was offered with several horse power options including a 250, 300, 340 and the biggest yet 360hp “fulie”.

The Corvette was a true sports car, as power steering, power brakes, and air condition were not available, although Performance seekers could order "Duntov" camshafts, thermo-activated cooling fans, and aluminum-cased transmissions.  The special racing package called "Sebring" included a direct-flow exhaust system, 15x5.5 inch wheels, a 24-gallon fuel tank ($118.40), four-speed gearbox ($188.30), Posi-Traction rear axle ($43.05), sintered metallic brake linings ($37.70), and a heavy-duty suspension ($333.60). The most desired option was the 327 V8 "fuelie" rated at 370 hp with a extra cost of $484.20.