1986 was the second opportunity for Corvette to provide the Official Pace Car for the Indianapolis 500, where the car was driven by famous test pilot Chuck Yeager. Chevrolet was proud because they did not need to make any modifications to their car for this task. This meant that all 7,315 convertibles, no matter what their specification or color scheme, are considered Pace Car replicas. It was also the first convertible Corvette since 1975.

The 1986 Corvette was introduced to the world at the Detroit Auto Show with its ABS braking system which became standard equipment with all 1986 Corvettes. The new brakes worked through a system of sensors at each wheel that transferred data to a computerized electronic control unit. A center line "High Mount" stoplight was added to the 1986 Corvette to comply with federal requirements. On the convertible, the light was inserted into the rear facia.