It looks like no one told the guys at GM Performance Parts that oil prices are now at record highs because early next year they’ll be launching a modern interpretation of the classic 427 ZL-1 V8 engine. The new big-block will have a price tag of $20,000 and only 427 examples will be made. The engines will be constructed from the original tooling used during the late 1960s, which was recovered recently when a GM Racing team member spotted it in a Michigan scrap yard.

Like the original 7.0L monster, the new V8 will be rated at 430hp and 610Nm (450lb-ft) of torque, reports Ward’s Auto. The original engines were used for a number of special Camaros and Corvettes, which today can sell in excess of $1 million so this new engine should be extremely desirable.

The reason for building just 427 examples of the modern version is because the old-style tooling actually wears out a little with each engine built.

The new engine will come equipped with a four-barrel carburetor, distributor, oil pan and water pump and can be optioned with air conditioning and a front accessory drive kit. Designers also updated the engine block, adding screw-in galley plugs and strengthening the casting.