For 1989, there were very few changes. Air conditioning was now mandatory with the 305 TBI engine, Pass Key anti-theft system was standard, and the N10 dual catalytic converter option was new. This option was mandatory with the 350 TPI V8, as well as the 305 TPI with the 5 speed manual. Also, rear seat passengers now got 3 point seat belts. The W68 Sport Appearance package for the base coupe received the Trans Am ground effects, and required the 305 TBI V8.

Another new option for '89 was by far the most important: the 250hp 3.8 litre SFI Turbo 20th anniversary Trans Am. 1,500 were produced, and all of these were white with gold crosslace wheels. These were the fastest 3rd generation F-bodies ever, with 0-60 times in the 5.2-5.5 second area.

Standard, base coupe: LB8 2.8 litre MPFI V6, 135hp

Optional base coupe, standard Formula and Trans Am: L03 5.0 litre TBI V8, 170hp

Optional, Formula, Trans Am and GTA: LB9 305 TPI V8, 190hp (auto) or 215hp (5 speed)

Optional, Formula and Trans Am, standard GTA: B2L 350 TPI V8, 235hp

Standard, 20th Anniversary Trans Am: 3.8 litre SFI Turbo V6, 250hp