Introduced in January 1961 as a convertible, the first Starfire shared its body and wheelbase with the Super 88 and the lowerpriced Dynamic 88. It was loaded with standard equipment including leather bucket seats, center console with tachometer and floor shifter for the Hydramatic transmission, and was the first U.S. fullsized production car to feature an automatic transmission with a consolemounted floor shifter, brushed aluminum side panels and power steering, brakes, windows and driver's seat.

Styling changes for the 1963 model year included a move away from the sculpted sides of the previous years model, to a flatter, more conventional look with an exclusive squared off roofline that included a concave rear window. Sales of the coupe were down to 21,489 and the convertible was down to 4,401,[6] a drop of 38%,.[6] probably due to intense competition from Buick's allnew Riviera, which was in the same price range as the Starfire but had its own unique bodyshell. The Pontiac Grand Prix was also restyled for 1963 with a similar squaredoff roof, which no doubt stole some sales from Oldsmobile showrooms.