The sport coupe's lineage goes back to Detroit's 1970s rear-wheel drive pony cars that parents of many of today's buyers remember fondly.

"It's an old-school look with modern technology," said Jim Press, Chrysler vice chairman, at the auto show press preview.

All 6,400 limited edition SRT8 high-performance models for 2008 are spoken for, he added. The update by Chrysler's California design studio took just 21 months from concept to production model.

Dodge hopes to sell 20,000 to 30,000 Challengers when the coupe goes into full production at Chrysler's Brampton, Ontario, assembly plant.

While the 1970 Dodge Challenger cost about $3,000, the 2008 high-performance version – with racing stripe -- has a suggested list price of $37,995.

The street-racer STR8 is powered by a 6.1-liter Hemi V8 engine that can go from 0-60 mph in 4.9 seconds, and cover a quarter-mile in 13.3 seconds with a limited top speed of 170 mph.

It's an "instant classic, heart, soul and passion," said Press. "It handles like a race car."