New Challenger rides on a shortened Dodge Charger SRT8 platform. » More Photos

And while you can’t help but salivate at those 20-inch forged Alcoa rims at each corner, look closely and you’ll see they mimic the look and style of the original Magnum 500s.

My favorite bit? That would be the big, chromed fuel flap with the word “FUEL” writ large in the center. It’s a piece of automotive sculpture. And amazingly in these days of Chrysler penny-pinching, the whole piece is made of solid metal instead of cheapo chromed plastic.

Beneath that sexy body, this new Challenger rides on a shortened Dodge Charger SRT8 platform – four inches were taken out of the wheelbase – with all the Charger greasy bits underneath.

That was key for two reasons; firstly to keep costs at rock bottom – the full-house SRT8 stickers at an affordable $37,995. Second, Dodge had to have the Challenger pounding the streets well before Chevy unleashes its Camaro next year and Ford refreshes its Mustang.

While the Charger makes a terrific organ donor, the downside is size; the Challenger takes up a lot of space. Park it next to a Mustang and it dwarfs the Ford ponycar – it’s almost 10 inches longer and two inches wider.

"The mega 6.1-liter pushrod Hemi V8 was made for this car, with 425 horsepower and a whopping 420 lb-ft of twist." » More Photos

But no one can complain about the heat this new Challenger SRT8 comes packing. The mega 6.1-liter pushrod Hemi V8 was made for this car, with 425 horsepower and a whopping 420 lb-ft of twist. It’s still the highest naturally aspirated specific-output V8 ever offered by Chrysler – its 69.8 horsepower per liter rating exceeds even that of the legendary 1966 “Street Hemi” lump.

Not all is perfect however. These first 6,400 cars only come with a five-speed slushbox –a six-speed manual, modified from the Viper transmission, won’t be offered till the ’09 models land in late summer.

That said, the five-speed auto is a fine ’box; it comes with Autostick manual control, and the SRT engineers have thrown in an aggressive first gear ratio to fire the car off the line and enhance those smoky burnouts we love so much.

Climb aboard and prepare to smile. With a limited budget, Chrysler’s designers have done a splendid job with the cabin. Yes, most of the stuff comes from the Charger parts bin, but the dash has a cool retro look with its deep-set, chrome-ringed “four bomb” gauges.

And although the front seats look way too big for the cabin with their over-bolstered backs, they’re armchair comfy and come with trouser-gripping suede inserts to keep you in place.