A coupe model called the GTS was introduced in 1996. Dubbed "double bubble," the roof featured slightly raised sections above each seat to accommodate usage of helmets, a throwback to its intended purpose. Vipers can be seen participating often in drag racing and road racing. The GTS, like its predecessor, was chosen as the pace car for the 1996 Indianapolis 500.

Despite its similar outward appearance, the car was distinct enough to be considered a new generation model. Extensive modifications included a reworked engine with higher power and less weight, an almost completely redesigned chassis that was made 60 lb (27 kg) lighter and 25% stiffer in tensional rigidity through meticulous computer analysis, a thoroughly redesigned suspension, and reduced braking distances; the 1996 to 2002 Viper GTS had a lighter (approximately 650 lb (290 kg)) 450 bhp (340 kW) engine, which could complete the quarter mile in 12.3 seconds, 0.3 seconds and 16 mph (26 km/h) faster than its predecessor, and increased top speed by 11 mph (18 km/h) or so. The revised suspension, stiffer chassis, and aerodynamic body raised lateral grip to 0.98 g (9.6 m/s²), although other reports show the 1992 model with 1.0 g. Contemporary tires have improved upon this measure significantly. Slalom runs could often reach or exceed 70 mph (110 km/h). Brakes once again lacked ABS initially, and proved to be the car's weakest point. The brakes hurt the car in numerous comparison tests, such as a 1997 "supercar comparison" by Motor Trend, in which the Viper GTS placed at the top against cars such as the Ferrari 550, Chevrolet Corvette, Porsche 911, and Honda NSX in all performance exercises except braking. The car not only placed last, but had considerably longer stopping distances than other vehicles. ABS was introduced further into the production run, though braking performance was not necessarily significantly improved. In a Sports Car International comparison conducted in 2002, the Viper ACR (with ABS) was compared to the 911 GT2 at Thunderhill Raceway Park. Both cars were very capable, and quick around the test track, but the Viper proved more difficult to drive, and the braking system was blamed very specifically for the gap in lap times (approximately GT2: 2 minutes, ACR: 2:04) between the two cars.