The front fender badge proudly announced a power upgrade for the 2002 Z06 LS6 motor: 405 hp. Lighter valves were used and the exhaust valves were liquid filled. Modifications to the intake resulted in better breathing. Two catalytic convertors were used where four used to do the job in 2001 and a revised higher lift camshaft was used. Different rear shock absorber settings and a beefier front anti-sway bar upgraded the handling.
The 2002 50th Anniversary Corvette C5 Paced the Indianapolis 500 on May 28, 2002. Actor Jim Caviezel drove at the start of the race and Joie Chitwood III drove during the caution periods. It was the fifth time that a Corvette paced the race. Previous years were 1978, 1986, 1995, and 1998.
Although there wasn't a special edition Corvette pace car available to the public in 2002, GM did make the decals available as a GM Official Licensed Product. Cost was $465.00.
Helio Castroneves received a new Corvette as part of his record $1.6 million in prize money for winning the 86th running of the Indianapolis 500.
