After a complete redesign for 2000, the 2001 Monte Carlo featured a few changes, including standard traction control on all trims. The base engine on the LS was a 3.4-liter V6 rated at 180 horsepower, and the SS standard was a 3.8-liter V6 rated at 200 horsepower.

Fuel economy for both trims was good, with the LS getting 20/32 city/highway, and the LS only slightly worse at 20/29.

Drivers in general loved their cars, citing the powerful engine and optional luxuries, such as cushy leather seats. Many have said that as their cars age, the problems can increase exponentially, including gear shift problems and catalytic converter expirations.