[6] The fifth generation was originally intended to debut in 1993 to celebrate the Corvette's 40th anniversary, but it was delayed by financial troubles and changes in staff within GM.

[7] A major change from its predecessor the C4, the C5 had a hydroformed box frame, a design that offered an improved structural platform, especially for a convertible bodystyle.

The 4L60-E automatic transmission carried over from previous models, but the manual was replaced by a Borg-Warner T-56 6-speed capable of a 265 km/h (165 mph) top speed.

), engine power increase, and new offerings for optional equipment, there were few fundamental changes from one model year to the next within the production run of the C5.

A number of factors are responsible for this: the relatively light weight of the C5 (a curb weight under 3,300 lb (1,500 kg); Chevrolet went so far as to omit the spare tire as a weight-saving measure, relying upon run-flat tires instead); the C5's low drag coefficient; and the vehicle's tendency to upshift into the higher gears as soon as possible.

The C5's suspension consisted of independent unequal-length double wishbones with transverse fiberglass mono-leaf springs and optional magnetorheological dampers.

The C5 is competitive in regards to 0–60 mph acceleration times with almost all premium sports cars of its era, including the Aston Martin DB7 Vantage, and the Ferrari 355.

Chevrolet engineered several modifications for the Z06 to put the increased power to its best use, starting with the most structurally rigid bodystyle — the hardtop or FRC (Fixed Roof Coupé).

The new components added to the Z06 included: uprated FE4 suspension, larger wheels and tires, revised gearing ratios, and functional brake cooling ducts.

Starting with the 2002 model year, power was increased to 405 hp (411 PS; 302 kW) at 6,000 rpm and 400 lb⋅ft (542 N⋅m) of torque at 4,800 rpm, due to a larger air intake, stiffer valve springs, lighter sodium filled valves, more aggressive camshaft lift and timing, and a less restricted exhaust that eschewed the use of pre-catalytic converters.

Common failure points on all C5 Corvettes include the hazard switch, fuel tank level sensors (requires cleaning due to dirty gas sulfur deposits), and steering column lock message (an aftermarket fix exists).

While regarded by many as the most garish Corvette appearance package offered to date, the 1998 Pace Car Replicas nevertheless enjoy a strong and loyal following of owners and collectors.

[citation needed] A 50th Anniversary Edition (RPO Z25) was offered during the 2003 model year to commemorate a half-century of Corvette production.

Special ("Warm Nickel Metallic") painted aluminum wheels, embroidered upholstery trim, and badges completed the Anniversary Edition package.

The package consisted of a special paint color ("Le Mans Blue Metallic"); shale two-tone leather interior (coupés and convertibles only); and wide, silver-and-red stripes optionally applied down the center of the car (Z06 only).

Special commemorative badging, headrest embroidery, and brightly polished wheel (a first on the Z06) with unique center caps completed the package.

It was based on the C5 road car but had a longer wheelbase, wider track, an enlarged 7.0 L V8 and different bodywork with exposed headlamps.