The big news for 1994 was the return of the Camaro convertible in the fourth generation body style, now built on the mainstream Camaro and Firebird production line at the Quebec factory. The 1994 Chevrolet Camaro convertible was available as a base model and as a Z28, with a lined power top and heated rear window. Total production jumped to 119,799, with 78,859 base models and 40,940 Z28s. Gauge graphics changed from yellow to white, and dash controls were now black instead of gray.

Camaro convertibles were priced at $5,000 more than the coupe, which restricted sales significantly. Base coupe production totaled 76,531, starting at $13,499, while only 2,328 convertibles were sold at $18,745. Similarly, 36,008 buyers chose the Z28 coupe from $16,999, while 4,932 Z28 convertible buyers spent at least $22,075.

Base motor was the 160hp V-6, while the Z28 was powered by the 275hp 350 cid V-8 borrowed from the Corvette, now with sequential fuel injection. A 5-speed manual gearbox was standard on the base car, while the Z28 received a 6-speed gearbox with a computer-aided shift from 1st to 4th if the driver was dawdling in order to satisfy emissions requirements. In any case, 89,767 buyers plunked down $750 for the 4-speed automatic overdrive transmission, whose electronics now managed both engine and transmission for smoother shifting.

The B4C Special Service Police Package combined the LT1 engine with the base coupe for a bargain sleeper. The package cost $3,398, $3,993 with automatic transmission, and 668 were sold.

Option tastes were evolving, as the Japanese practice of including everything changed buying habits and spread to the domestic car industry. Almost all 1994 Camaros included $895 air-conditioning, fog lamps (112,940), cruise control (112,929), power hatch release (112,973), 16-inch alloy wheels (104,870), power mirrors (90,976), remote keyless entry was new (90,449), power door locks (92,967), power windows (90,979) and/or rear defogger (83,548). Orders for the Delco/Bose AM/FM stereo with CD player tripled in its second year to 28,863, and the removable glass roof found 42,622 buyers. Graphite or beige leather seating was available and 1,209 buyers bought it for $499.

Nine colors were offered for the 1994 Chevy Camaro, with Bright Red most popular (22,740), then Black (20,203), Polo Green Metallic (17,391), Bright Teal Metallic (14,670), Medium Patriot Red Metallic (11,005), Medium Quasar Blue Metallic (8,110), Purple Pearl Metallic (5,801), Dark Green-Gray Metallic (4,710).