The C5 was a radical change from the previous generation. Designed from the outset as a sturdy convertible (as opposed to a coupé that was subsequently weakened by the removal of the roof structure in order to accommodate demand for a convertible model), the car now had a hydroformed box frame. The transmission was moved to the rear of the car to form an integrated, rear-mounted transaxle assembly which was connected to the all-new LS1 engine via a torque tube; this engine/transmission arrangement helped facilitate a desirable 50-50 (percentage, front-rear) weight distribution for the vehicle. The LS1 engine initially produced 345 hp, but that was increased slightly in 2001 to 350 hp (261 kW). The 4L60E automatic transmission carried on from previous models, but the manual was replaced by a Borg-Warner T-56 6-speed. Gone were the squeaks and rattles of the C4[1], and in replacement was an incredibly strong frame that would last for at least two more generations[citation needed]. By all measures, the new C5 was better in every aspect than the C4 it replaced.
The styling of the C5 was also a departure from the trend set by the previous-generation Corvette. Whereas the styling of the C4 had largely been a simplification of the C3 hatchback design, straightening out the complex curves of the car to give it sleeker lines, the C5 reversed that somewhat. The vehicle now had a more rounded and graceful appearance that helped to recapture some of the aggressive looks of the C3 without compromising aerodynamics.
In the inaugural model year (1997), only the hatchback coupé was offered, with the convertible — the first to offer a trunk since 1962 — following in 1998. 1998 also saw the C5 convertible pacing the Indianapolis 500, and a replica pace car edition was sold; C5 Corvettes subsequently paced the 2002 and 2004 Indianapolis 500 races, but no replica pace car versions were offered during those model years. In 1999, a third body style, the hardtop (also referred to as the "fixed-roof coupé" or "FRC"), was added to the lineup. This body style, as its name suggests, featured a fixed top (no removable targa top panel as with the hatchback coupé) with a roofline shape and trunk space similar to that of the convertible. The hardtop became the top-performance Z06 in 2001, but for two model years was offered as a variant of the base-model Corvette.
Aside from cosmetic differences (new rim styles, paint colors, pace car/commemorative editions in 1998, 2003, and 2004, etc.) 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. One of the more popular "high-tech" options introduced to the Corvette line was a head-up display or HUD, while another innovation was the Active Handling System (first available as an option in 1998, then standard on all models in 2001).
Suspension choices for the base model C5 were limited to the standard suspension (RPO FE1), with options for either the autocross-inspired FE3 Sport Suspension (included with the Z51 Performance & Handling Package and standard on the 1999-2000 FRC); or the F45 Selective Ride Control Suspension, which permitted "on-the-fly" driver selection of different ride characteristics (sport or touring). Late in the production run (starting with the 2003 model year), the F55 Magnetic Selective Ride Control Suspension replaced the F45 as the third suspension choice. The racing-inspired FE4 suspension used for the Z06 is stiffer again than any offered on the base model C5, and is unique to that model with no optional suspensions offered.
Factory performance figures give a 0-60 mph acceleration time for the C5 convertible (2004 model year with a 6-speed manual transmission) of 4.66 seconds; a standing quarter mile is quoted by Chevrolet as 12.98 seconds at 114 mph. With the automatic transmission, the performance figures are slightly poorer: 0-60 mph in 5.13 seconds, with a standing quarter mile in 13.63 seconds at 108 mph.
