The Corvette celebrated its 25th Anniversary in 1978, and all Corvettes received special commemorative emblems, as well as a newly designed fastback roofline with a large, wraparound back window. A four-speed manual was reinstated as standard, and a higher-output 350 cid V8 was available, though only with the automatic transmission. The most exciting news was the addition of two limited editions.

The new Anniversary editions were ordered with the "25th Anniversary Paint" B2Z option. A distinctive two-tone silver paint treatment with a charcoal silver lower body color and a silver metallic upper body color accentuated with pin stripes. The optional aluminum wheels and dual sport mirrors were required.
The second and most demanded was the limited edition Pace Car Replica model, which commemorated the Corvettes that paced the 62nd Indy 500. The Pace Car Replica was decked out with a silver-metallic lower body and a black upper body, plus the alloy wheels wide Goodyear tires worn by the Silver Anniversary model. The Pace Car Replica was also marked with front and rear spoilers and the "Pace Car" decals were supplied separately so the owner could apply them if desired. Upholstery choices were either silver leather or a silver leather/gray cloth combination. The seats were a new design scheduled for the 1979 Corvettes. Standard equipment included power windows, electric rear window defroster, air conditioning, sport mirrors, and other features which boosted the price of the Pace Car Replica over $4,000 more than the base Corvette. Because of its announced limited availability, new Pace Car Replicas fetched far more than the sticker of $13,653.00 and a flood of "cloned" Pace Car Replicas have since flooded the market. The only true clues to a real Pace Car Replica are the seats which should resemble a 1979 Corvette more than the 1978 ones, and the serial number, which should be between 900001-906502.