The 1982 Silverwing came standard with dual disc drum brakes. It had an overall body length of 90.8 inches and a width of 34.1 inches, which was wider than the average sport or cruiser bike. 1981 and 1982 Silverwings had the same overall height, 46.4 inches, and wheelbase, 30.7 inches. Ground clearance differed between the two, however, with the 1982 GL500 Silverwing measuring at 5.8 inches, 0.6 inches higher than the 1981 model. At 456 lb. dry, the 1982 Silverwing was a light bike considering its width, length and various accessories. The dry weight does not take into account rider or passenger weight, fuel or anything carried in the trunk or saddlebags. The 1982's fuel tank could hold 5.28 gallons of gas, making its wet weight about 518 lb.
The 1982 Silverwing had a V2, four-stroke engine, with four valves per cylinder and a five-speed manual transmission. Unlike many motorcycles, the Silverwing's engine was not air-cooled but liquid-cooled. The engine had a maximum power rating of 50 horsepower at 9,000 rpm, with a top speed of 95 mph. The 1982 Silverwing could go from zero to 100 kilometers per hour in 6.3 seconds, or from zero to 60 mph in 6 seconds.
The GL500 Silverwing was a touring bike, and several luggage accessories were offered to go with it. The 1982 Silverwing, like the 1981 model, could be outfitted with a tail trunk, but the 1982 trunk was larger than the previous year's. The trunk could be switched out for a passenger seat, but with the trunk installed, the bike could carry only one person, the rider. An extender released later allowed a rider to use both the passenger seat and the trunk at the same time. The Silverwing also came with two hard saddlebags, a feature that made the bike look like the bigger Goldwing. Factory colors for the 1982 Silverwing were Sterling Silver Metallic, Brown and Candy Muse Red.
