The C5 convertible made it's debut in 1998 and was chosen as the pace car for the Indy 500. Only 1,163 pace car replicas were built sporting purple paint with bright yellow graphics and wheels. New optional magnesium wheels were introduced which were painted a bronze color, these lightened the car, and your wallet costing $3,000. Run-Flat tires were standard on all cars and avoided having to carry a spare tire. The rear window in the new convertible is made of glass with a heater element for defrosting. It also has an express down feature that automatically opens the tonneau cover and lowers the windows a small amount with the press of a button. New optional "Active Handling System" (AHS) applies brakes individually when the car detects that it is sliding. This new system uses yaw and pitch sensors to determine how the car is moving and can correct for understeer and oversteer to keep the car from going out of control. Corvettes equipped with AHS also have the "Competitive Mode", this mode turns off the traction control but leaves the AHS active for Gymkhana and Autocross competition. Dual airbags are standard safety equipment on C5.

Total 1998 Coupes - 19,235
Total 1998 Convertibles - 11,849

The "Vehicle Identification Number" (also VIN or serial number) is stamped on a plate on the lower edge of driver's side windshield.

1998 Corvette engines have the last six digits of the VIN stamped on the block after the engine number. The date code the engine was manufactured was also cast into the block. The engine serial number includes a production sequence number starting with 0001001 and one of the suffixes below.

Interior options for exterior colors are suggested by Chevrolet. Other combinations could be ordered.