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  • The eight-generation Corvette will debut on the evening of July 1
  • The Corvette is considered by classic-car insurer Hagerty to be the most collectible car of all-time
  • Rumors are flying that GM could introduce a 1,000-horsepower edition of the 'Vette.

Nearly seven decades after its debut, the Corvette is getting a dramatic makeover

The eighth generation of the quintessentially American sports car, referred to by the enthusiasts as the C8, will be revealed Thursday night as the [2020] the Corvette Stingray

Featured in hundreds of movies, such as Mark Hamill's "Corvette Summer," and numerous songs, such as Prince's "Little Red Corvette," the General Motors sports car is tightly woven in the fabric of American culture.

And at a starting price of less than $ 56,000, much more than many of its exotic European competitors.

is ranked as the most collectible car of all time, according to classic car insurer and valuation firm Hagerty.

"The Corvette has existed in a category all its own as an American car," said Hagerty CEO McKeel Hagerty. "It's a pretty magical story through and through. It's very easy to do it again."

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The 'Vette, a Chevrolet model made by General Motors and built in Bowling Green, Kentucky, is getting one of its biggest changes yet: The engine is shifting from underneath the hood to

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