Washington, Nov. 17 : Automobile Magazine has named the 2014 Chevrolet Corvette Stingray ' Automobile of the Year'.

The new Corvette has more power and better fuel economy than last year's model.

It is powered by a 6.2-liter V8 engine that can put out as much as 460 horsepower, CNN reports.

The magazine in a review of the car said that the Corvette has long been a tremendous performance value wrapped in an all-American package.

Automobile magazine editor-in-chief Jean Jennings lauded the Corvette's overall d esign, performance, quality and comfort. (ANI)