First new design Corvette that is the fastest ever and can hit 60mph in just three seconds has been sold at a charity auction for $3m (despite retailing at $60k)

  • NASCAR team owner Rick Hendrick made the bid for the first-edition Corvette
  • The American sports car received a massive upgrade and redesign for 2020
  • Production on the car won't begin until February 2020 but has already sold out 

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The first newly designed Corvette that can accelerate faster than any other has been sold at a charity auction for $3million - despite retailing for $60,000.

The first Corvette of 2020 was bought by Rick Hendrick, owner of Hendrick Motorsports NASCAR team and one of the largest sports car collections in the world. 

He bought the car at Barrett-Jackson's Scottsdale, Arizona auction for many times the retail base price for the American classic.  

NASCAR team owner and sports car collector Rick Hendrick paid $3 million for the very first  2020 Chevrolet Corvette

NASCAR team owner and sports car collector Rick Hendrick paid $3 million for the very first  2020 Chevrolet Corvette 

The V8 edition of the famous American sports car is the first mid-engine Corvette since production first began in 1953

The V8 edition of the famous American sports car is the first mid-engine Corvette since production first began in 1953

Hendrick's remarkable $3million bid for the car, which was donated by General Motors, will benefit the Detroit Children's Fund.    

Recently named the North American Car of the Year and the Motor Trend Car of the Year, the 2020 Corvette marks a massive redesign for the famous American sports car.  

The 2019 production start date on the 2020 Corvette was delayed until February 2020 by United Auto Workers strikes

The 2019 production start date on the 2020 Corvette was delayed until February 2020 by United Auto Workers strikes 

The Corvette Stingray redesign has not compromised on the top-of-the-line interior with three seat choices available

The Corvette Stingray redesign has not compromised on the top-of-the-line interior with three seat choices available

For the first time since its introduction to the market in 1953, the Corvette will no longer boast its engine in front under the hood. Instead, the 2020 V8 edition is the first ever mid-engine Corvette. 

 'We're really proud of what we've been able to accomplish and this award is kind of the ultimate validation for that,' said Tadge Juechter, chief engineer for the Corvette, who accepted North American Car of the Year Award for General Motors. 

2020 Corvette Stingray Coupe highlights

 The 2020 Corvette's top speed is to be 194 mph

Weighing 3,647 lbs, the V8 is a whole 195 pounds heavier than the model it replaces

The first ever mid-engine Corvette places more weights at the rear of the vehicle

It can reach 0.6 mph in under 3 seconds 

 It has 495 horsepower @ 6450 and 470 lb.-ft. of torque @ 5150 (with performance exhaust)

 

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Originally set to go into production in late 2019, the start date was pushed back to February 2020 because of the United Auto Workers strike. The first deliveries are currently expected in early Spring 2020 while the convertible should appear on the market a little later in the year.  

Despite delayed production, the setback isn't bothering dealers or customers placing orders. According to Motor1.com, the 2020 Corvette has already completely sold out the roughly 40,000 units scheduled for production this year. 

While the first of its kind sold for a hefty sum, base price for the new design will start at $59,995 including delivery, a bargain on the normal $200,000 price tag for a European exotic sports car such as Lamborghini and McLaren. 

 The new mid-engine product is said to have seen a complete resign of the Corvette Stingray Coupe and Convertible, with only a single part being carried over to V8 from the last generation. 

Reaching 0-60 mph in less than 3 seconds, the 6.2-liter LT2 V8 is rated at 495 horsepower and 465 lb-ft of torque, and has 8-speed twin-clutch automatic transmission. 

With the all-new engine visible through a rear-hatch window, the space in the front under the hood is transformed into a cargo area large enough to carry an airline-size overhead bag. The trunk also has space for two golf bags or the removable roof panel. 

The 2020 Corvette convertible, powered by six engines to pull back the roof, will be made available later in the year

The 2020 Corvette convertible, powered by six engines to pull back the roof, will be made available later in the year

The Corvette now has two storage areas, one under the hood and the second in the trunk which can hold two golf bags

The Corvette now has two storage areas, one under the hood and the second in the trunk which can hold two golf bags 

 The Convertible is also in tact with a first-ever production retractable hardtop that makes no-compromise on storage capabilities. Powered by six electric motors, the two-piece hardtop can activate at speeds up to 30 mph. 

With three seat-combinations to chose from, a choice of wheels and an 8-inch diagonal color touch screen heading up the driver's command center, owners can customize to their own specifications. 

Owners can control the Corvette through a touchscreen command center. The engine is also visible in a rear-hatch window

Owners can control the Corvette through a touchscreen command center. The engine is also visible in a rear-hatch window

The storage area in the trunk has space for two golf bags or the removable roof panel. The second area can store a cabin bag

The storage area in the trunk has space for two golf bags or the removable roof panel. The second area can store a cabin bag 

The V8 has maintained the Corvette's glossy finish with door handles and the hatch and hood release hidden for a clean appearance and improved aerodynamics. 

Despite not beginning production until 2020, the V8 Corvette won the North American Car of the Year Award in 2019, am award voted for by a jury of automotive journalists. 

The 2020 Corvette Stingray is the North American Car of the Year and the Motor Trend Car of the Year

The 2020 Corvette Stingray is the North American Car of the Year and the Motor Trend Car of the Year

Potential Corvette owners will have to wait until the Spring  to drive the 2020 version

Potential Corvette owners will have to wait until the Spring  to drive the 2020 version 

'A mid-engine Corvette was a huge risk for Chevy's muscle-car icon. They nailed it,' said Henry Payne, auto critic for The Detroit News and a juror for the award. 

Also sold at Barrett-Jackson's auction was the first Lexus LC 500 convertible, which went for $2 million. The annual auction offers a chance to purchase first-editions of new performance cars for charity. 

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