For the final model year of the 3rd generation, 1992 saw very few changes. With a brand new 'Bird due for '93, Pontiac did not want to invest much in the existing Firebird.

The only noteworthy changes for '92 was a slight horsepower increase in the TPI engines. The 305/5 speed TPIs gained 5hp for a total of 230hp, and the 350 TPIs gained 5hp as well, for a total of 240hp.

One addition to the line for '92 was the extremely limited production, SLP Firehawk. With an astronomical price of $39,995 for the base model, or $49,990 for a race-ready version, the cars were extremely expensive, and only 25 were produced. All Firehawks were Formula-based Firebirds, and the "base" Firehawk received a 350hp SLP massaged 350 TPI V8 with all sorts of performance enhancers. Backing this engine was the ZF 6 speed manual transmission, straight out of the Corvette parts bin. The $49,990 cars received a full roll cage, Brembo brakes, and a few other goodies that basically made the car ready for racing.

Standard, base coupe: LH0 3.1 litre MPFI V6, 140hp

Optional base coupe, standard Formula: L03 305 TBI V8, 170hp

Optional Formula, Standard T/A (delete option GTA): LB9 305 TPI V8, 205hp (auto), 230hp (5 speed)

Optional Formula and T/A, standard GTA: B2L 350 TPI V8, 240hp