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Umm...both engines are V8's.
The older engine was a pushrod set-up. Dated technology, but still used very extensively in drag racing and NASCAR. Power is made by displacement. Usually not able to rev as high as an over-head cam engine.
The new Panoz engine is also a V8, but in the over-head cam configuration. Engines are usually lower displacement, and make horsepower through the use of higher revs.
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