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The ultimate Corvette is on its way to market.

Better look hard, though. This car will blast by you so fast it will be just a blur. I’m talking about the 2006 Z06, the 505-horsepower high-performance derivative of the sixth-generation Corvette that Chevrolet says will go from zero to 60 mph in just 3.7 seconds.

Until now, the only consumer vehicles that could achieve 60 mph that quickly have been some of the high-power motorcycles that are occasionally referred to as “suicycles.” Not only will the new Z06 achieve 60 mph in such a short time, it also will still be in first gear when it gets to 60. And it’s street legal, too, of course.

I saw the new Z06 first at the Detroit auto show in January, where General Motors unveiled it to the world.

There is always a price premium to be paid for such performance, and the new Z06 is no exception. The base price of the car, which goes on sale this fall, will be $65,800, including freight. That’s a surprise to me, however, as I had earlier predicted that the price would be somewhere between $75,000 and $80,000.

Still, it’s a bunch more than the base 2005 Corvette coupe, which starts at $44,245 (including freight). The convertible model begins at $52,245.

As in the past, though, the Z06 performance model will come in coupe form only. For the extra money, you’ll get more than just a souped-up engine, however. Chevy said in a news release that the new Z06 shares some of the components of the Corvette C6R race car, including “advanced lightweight materials typically found only in the most exotic supercars.”

“Use of weight-saving materials such as carbon fiber, aluminum, titanium and magnesium give the 3,132-pound car a highly competitive weight-to-power ratio of 6.2 pounds per horsepower,” the company said.

At the price, the Z06 is a bargain, Chevrolet contends.

“Corvette is a global icon for world-class sports car performance at an incredible value, and offering the fastest production Corvette ever at this price is another testament to that reputation,” Chevrolet General Manager Ed Peper said. “When you compare the Corvette Z06 performance stats to other supercars, you see numerous examples where you’re getting better performance with Corvette for one-third the sticker price of the competition.”

The car adds 105 horsepower to the sixth-generation Corvette that debuted last fall for 2005. That one, at 400 horsepower, is the most-powerful base ‘Vette ever, but is the same horsepower as the previous-generation’s Z06 version.

Rather than the 6.0-liter V-8 in the base Corvette coupe and convertible, the new Z06 gets a 7.0-liter V-8 –427 cubic inches –with the aforementioned 505 horsepower and a whopping 470 foot-pounds of torque. That engine is mated to a six-speed manual transmission, and has a redline of 7,000 rpm.

Chevy says this newest Z06 is “more differentiated from the standard Corvette than any other Z06 in history, with every design element serving a performance function.” “The new Corvette Z06 is the dividend from competing so successfully in endurance racing,” said Dave Hill, Corvette’s chief engineer. “It combines the strong attributes of the new, sixth-generation Corvette with the spirit, technology and know-how from the race program to form an American supercar with outstanding credentials.”

Chevy introduced the first Z06 model in 1963, and others have followed over the years.

Among the features of this latest version are an aluminum body with a one-piece hydroformed frame and a magnesium engine cradle. Also included are carbon-fiber composite front fenders, front wheelhouses and floorboard.

The car, with its dry-sump engine-lubrication system, will be hand-built at GM’s new Performance Build Center near Detroit, where I got to see the sixth-generation Corvettes for the first time last summer.

Among other unique features of the Z06 are a larger grille, a cold-air scoop and lower air splitter, wide-body front and rear fenders, and a taller rear spoiler. Although this is a supercar in the vein, even, of the Ford GT, the new Z06 is designed to be a daily driver, not just a weekend show-and-go car. It has the same roomy and comfortable interior as its regular Corvette cousins.

Exterior colors to be offered include machine silver metallic, victory red, Daytona sunset orange, Le Mans blue metallic, velocity yellow tintcoat, and black.

Those of you wanting one of these should get your orders in as soon as possible. Production will be limited, and waiting lists are inevitable.

G. Chambers Williams III is staff automotive columnist for the San Antonio Express-News and former transportation writer for the Star-Telegram. His automotive columns have appeared regularly in the Star-Telegram since 1995. Contact him at (210) 250-3236; chambers@star-telegram.com.