In 1982, Chevrolet didn’t just introduce a new Camaro.

They unveiled it in front of the entire motorsports world at the Indianapolis 500.

The 1982 Chevrolet Camaro Z28 Indianapolis 500 Pace Car marked the debut of the completely redesigned third-generation Camaro platform. Gone were the heavy second-generation lines of the 1970s. In their place came a lighter, sharper, more aerodynamic Camaro that looked like it had rolled straight out of a GM future-design studio.

And Chevrolet chose the biggest stage possible to launch it.

The 66th running of the Indianapolis 500 on May 30, 1982 became one of the most dramatic races in Indy history. Gordon Johncock captured his second Indy 500 victory after an intense late-race battle with Rick Mears, winning by only 0.16 seconds after 500 miles of racing. Even today, it remains one of the closest finishes the Indianapolis 500 has ever seen.

Former Indy winner Jim Rathmann drove the official 1982 Camaro pace car during the event, continuing Camaro’s connection to Indianapolis dating back to the legendary 1967 and 1969 pace cars.

Chevrolet brought multiple specially prepared Camaro pace cars to the Speedway that year, including actual track pace cars, backup cars, VIP transportation vehicles, and festival/show cars used throughout race week festivities. The real track pace cars were not standard production Z28s. They reportedly used highly modified aluminum 350 V8 engines producing approximately 250 horsepower, far stronger than the showroom versions available to the public.

The public replicas, however, still became instant icons.

Chevrolet produced approximately 6,360 Camaro Indy Pace Car replicas for public sale. Each featured:
• Silver and blue exterior paint
• Official Indianapolis 500 graphics
• Unique striped hood decals
• Special interior trim
• Z28 performance suspension
• Lear Siegler seating
• Optional Cross-Fire Injection fuel injection system

At the time, the Cross-Fire Injection system represented Chevrolet stepping into the electronic performance era. While later enthusiasts often joked about the system, in 1982 it was considered advanced technology and part of GM’s new direction for performance vehicles.

What makes these cars fascinating today is that they represent the exact moment the Camaro entered the modern era.

The 1982 Pace Car directly paved the road for:
• the IROC-Z,
• Tuned Port Injection Camaros,
• GTA Firebirds,
• SCCA third-gen racing,
• and the entire 1980s F-body performance movement.

Collector values have steadily climbed over the past 15 years as clean original third-generation cars become harder to find.

Approximate market trends for clean original examples:
• Early 2000s: $4,000–$7,000
• 2010: $8,000–$12,000
• 2020: $12,000–$18,000
• 2025–2026: $18,000–$30,000+ for exceptional low-mile survivors

Many modified cars existed for years, but today collectors increasingly value untouched original examples, especially cars retaining original decals, interiors, Cross-Fire systems, and documentation.

More than 40 years later, the silver-and-blue 1982 Indy Pace Car still captures the optimism of the early 1980s automotive world. It wasn’t just another special edition.

It was Chevrolet announcing:
“The Camaro is back.”

If you have a 1982 Indy Pace Camaro and want to submitt pictures and it's story to Hawks Motorsports Email Us! Sales2@Hawksmotorsports.com

Sources:

Indianapolis Motor Speedway Historical Archives

IMS Museum

Classic.com auction tracking

GM historical archives

ThirdGen.org historical registry