Chevrolet finally took the covers off the all-new 2020 Corvette Stingray last week, and it's a considerable improvement over the outgoing C7 Corvette in many respects, with more aggressive styling, a new interior, and a new more powerful mid-mounted engine. Perhaps the most surprising announcement, however, was the price.

Despite the improvements, Chevrolet says the new Corvette C8 will start at less than $60,000, which makes it better value than some of yesterday's supercars. Thankfully, we don't have to wait long to find out the specific pricing details. Keen members of the Corvette Forum have already been placing refundable deposits to reserve a 2020 Corvette Stingray and have been informed by dealers that full pricing details will be announced on August 15. The base model C7 coupe started at $55,900, so the C8 should fall somewhere between that and $60,000.

For less than $60,000, you're getting an incredible supercar bargain. As standard, the 2020 Corvette Stingray's mid-mounted, 6.2-liter V8 LT2 engine produces 495 horsepower and 470 lb-ft of torque – that's 40 more horsepower and 10 more lb-ft of torque than the C7's LT1 engine. Power is sent through an eight-speed dual-clutch, which is the only transmission option. Sorry, manual lovers.

If you want even more performance, an optional Z51 Package adds summer performance tires, performance suspension, adjustable threaded spring seats, larger brake rotors with Z51 graphics, enhanced cooling systems, an electronic limited-slip differential with a specific axle ratio, a unique rear spoiler and front splitter, front brake cooling inlets, a performance exhaust system, and an adjustable threaded spring.

This will inevitably increase the starting price, but the Z51 package will enable the Corvette C8 to hit 0-62 mph in under three seconds. Remember, we're still talking about the entry-level 2020 Corvette –the range-topping C7 ZR1 did the same sprint in around 2.8 seconds. Production of the 2020 Chevrolet Corvette Stingray will start later this year.