2016 Chevrolet Camaro
(General Motors)

If you've been anxiously waiting to find out how much you'll have to pay for the redesigned 2016 Chevy Camaro, the wait is over. Chevrolet announced in a press release today that the 2016 Camaro will start at $26,695, which includes a $995 destination fee. That is $1,995 more expensive than the 2015 model, which has a starting price of $24,700. The V8-powered 2016 Camaro SS starts at $37,295.

The base 2016 Chevrolet Camaro comes standard with a 275-horsepower, turbocharged 2.0-liter four-cylinder engine. An optional 3.6-liter V6 makes 335 horsepower, though pricing for Camaros with this engine has not been announced. The Camaro SS has a 6.2-liter V8 that produces 455 horsepower. With any engine, the Camaro comes standard with a six-speed manual transmission, while an eight-speed automatic is optional.

2016 Chevrolet Camaro
(General Motors)

Not only is the redesigned 2016 Camaro more expensive than the outgoing model, it is also pricier than one of its main competitors, the Ford Mustang. The Mustang differs from the Camaro in that the Mustang's base engine is a V6, and a turbocharged four-cylinder engine is optional. A base, V6-powered 2016 Ford Mustang starts at $24,700, which is $1,995 less expensive than a base 2016 Camaro. A V8-powered Mustang GT undercuts the Camaro SS by $4,095, with a starting price of $33,200.

The 2016 Camaro is slightly less expensive than the base 2015 Dodge Challenger, which starts at $27,990. Still, a V8-powered Challenger is priced lower than the Camaro SS, at $32,990.

2016 Chevrolet Camaro
(General Motors)

The 2016 Camaro comes with a host of standard features that Chevrolet says were either optional or unavailable on the 2015 model, including a rearview camera, automatic climate control, fully power-adjustable front seats, proximity key/push-button start, the MyLink infotainment system with Apple CarPlay connectivity and OnStar with 4G LTE and a built-in Wi-Fi hot spot. Available features in the 2016 Camaro include leather upholstery, heated and ventilated front seats, a heated steering wheel, a Bose audio system, a power sunroof, navigation, rear cross-traffic alert, blind spot monitoring and lane change alert.

As we reported in May when it was first unveiled, reviewers' initial impressions of the redesigned Camaro are favorable. Autoblog said the 2016 Camaro's exterior design helps it look lighter and more agile than the outgoing model, and Cars.com was impressed with the cabin design and materials quality.

Chevrolet says the 2016 V6- and V8-powered Camaro coupes will hit dealers by the end of this year and that convertibles and models fitted with the turbocharged four-cylinder engine will go on sale in the first quarter of 2016.

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