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As far as I can tell they're just selling the engine for that price. Doesn't the ZL1 have more power? I'm not sure why anybody would go for this one besides the engine specifically. It even manages to have a goofy as hell stance with the downsized wheels.
ZL1 - LSA (6.2L S/C V8): 580 BHP
Z/28 - LS7 (7.0L N/A V8): 505 BHP
The ZL1 is more of a luxury car, not unlike the GT500 Mustang. The Z/28 is meant to be the track car.
Thing is, they offer the 1LE as well, which is otherwise a track car on the cheap. Same suspension bits and tires as the ZL1, but has the normal LS3 from the standard Camaro SS.
They're selling on the name, they're getting more use out of the LS7, and they want to rub it in the face of Ford and Chrysler as long as they can until the next-generation models show up. That's about it.
Why are they detuning the 2.0T?
The 2.0T that's in everything else? You mean how they're dropping it from 270 BHP to somewhere around the 250 BHP range? I think the updated engine has a bit more torque and a smoother power delivery compared to it's predecessor. Apparently it's made the Buick Regal GS quite a bit better (well, not to mention the optional AWD), not sure how it's changed in other vehicles. As I understand it, not everything is making a switch to that level of output.