The Chev Bel Air received new, revamped styling for the 1955 model year. For 1955 Chevrolets gained a V8 engine option and the option of the 2 speed Powerglide automatic, or a standard three speed Synchro-Mesh manual transmission with optional overdrive. The new 265 cu in (4.3 Litre) V8 featured a modern, overhead valve high compression ratio, short stroke design that was so good that it remained in production in various displacements for many decades. The base V8 had a two-barrel carburetor and was rated at 162 hp (121 kW) and the "Power Pack" option featured a four-barrel carburetor and other upgrades yielding 180 bhp (134 kW). Later in the year, a "Super Power Pack" option added high-compression and a further 15 bhp (11 kW).

"Idiot" lights replaced gauges for the generator and oil pressure. This was not the first Chevrolet to be installed with a V8 engine; the first Chevrolet with a V8 engine was introduced in 1917 and called the Series D, which was built for two years, and was manufactured before Chevrolet joined General Motors. Motor Trend magazine gave the Bel Air top marks for handling. Popular Mechanics reported acceleration for a V8 Bel Air with Powerglide as being 0-60 mph (97 km/h) in 12.9 seconds, plus a comfortable ride and good visibility. On the other hand, the horn ring blocked some of the speedometer, regular gasoline made the engine knock and the first V8 engines off the line burned too much oil.

Front legroom was 43.1". Brakes were 11" drums. A new option for V8-equipped 1955 models was air conditioning, with outlets on each side of the dashboard; a heavy-duty generator was included on cars equipped with this option; in 1955 and 1956, air conditioning could be installed on cars ordered with the standard three-speed manual transmission, overdrive or Powerglide, but from 1957 onward, an automatic transmission (or minus that, 4-speed manual transmission) was a pre-requisite option.

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