The most jaw-dropping moment at the 2020 Chevrolet Corvette Stingray's debut event wasn't when the sheet came off the car, or when we heard it roar to life. No, it was when we learned it would cost under $60,000.

Yet, until now, we didn't know how much power the sub-$60,000 Corvette Stingray would provide. General Motors spokesman Kevin Kelley confirmed with Motor Authority that the base Stingray model will come with 490 horsepower, and torque will remain unchanged at 470 pound-feet. That's 5 hp less than the figure touted at the debut event. Buyers get the extra 5 hp when opting for the Z51 package and the performance exhaust. The Z51 package on the current C7-generation Corvette Stingray also bumps the horsepower from 455 to 460.

2020 Chevrolet Corvette Stingray

2020 Chevrolet Corvette Stingray

What's still unclear is how much the Z51 package will add to the base price, which we figure at $59,995. Still, 490 hp for less than $60,000 is quite a bargain, especially when it's all bundled in a mid-engine package that promises a 0-60 mph time of just over 3.0 seconds.

Every 2020 Corvette Stingray will be powered by the LT2 6.2-liter V-8 mounted in the middle paired with a dual-clutch automatic transmission. Not only is this the first time the Corvette has gone mid-engine (well, for a production car), it's the first time a DCT will handle shifting duties. Right now, it appears Chevy has no plans to drop a manual transmission in the C8-generation Corvette. That's a bummer because this could be the world-beating Corvette the brand has wanted to build for decades. Adding a dash of engagement with the powertrain through the shifter and third pedal would be the proverbial cherry on top.

Production of the mid-engine Corvette Stingray will kick off this late this year, with sales to follow soon thereafter.