| Location | Daytona International Speedway |
| Date | February 19, 1989 |
| Laps | 200 |
| Daytona 500 Champion | Darrell Waltrip |
| Average speed | 148.466 miles per hour (238.933 km/h) |
| Pole Sitter | Ken Schrader |
| Most Laps Led | Ken Schrader |
| Qualifying Race Winners | Ken Schrader and Terry Labonte |
| Television | |
| Network | CBS |
| Announcers | Ken Squier, Ned Jarrett and Chris Economaki |
The 31st annual Daytona 500 was held February 19 at Daytona International Speedway. Ken Schrader won the pole for the second time in a row.
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In the last 53 laps without a pit stop and on a nearing empty tank, Darrell Waltrip took his #17 Tide Chevrolet Monte Carlo to victory lane in the race. It was noted that the CBS announcers said that Darrell Waltrip resided in Franklin, Tennessee as opposed to his "real" home town of Owensboro, Kentucky.
The 1989 Daytona 500 race was Waltrip's first (and only) Daytona 500 race win in his 17th try, edging ahead of Hendrick Motorsports teammate Ken Schrader, who led the most laps, by 7.64 seconds. "I won the Daytona 500! I won the Daytona 500!," Waltrip shouted on the radio to his crew, adding "I can't believe I won it! Don't lie to me, this is Daytona, ain't it? I'm not dreamin', am I?" Still in disbelief, Waltrip asked television reporter Mike Joy in victory circle, "This is the Daytona 500, isn't it? Don't tell it isn't." In celebration, Darrell performs his memorable 'Ickey Shuffle' dance with helmet spike. Plus, the race is also remembered for Davey Allison flipping his car off of the dirt embankment separating the cars from Lake Lloyd. Waltrip's win gave Hendrick Motorsports their second Daytona 500 win. The first Daytona 500 win for Hendrick Motorsports was by Geoff Bodine three years prior.
With Dale Earnhardt and Geoff Bodine finishing 3rd and 4th respectively, Chevrolet finished 1-2-3-4. Waltrip later won five additional races in the 1989 season, tying Rusty Wallace with the most wins of the season.
52-Jimmy Means, 57-Hut Stricklin*, 68-Derrike Cope, 42-Kyle Petty, 31-Jim Sauter, 95-Trevor Boys, 77-Connie Saylor, 34-Charlie Glotzbach, 74-Randy LaJoie, 60-Jimmy Horton, 1-Doug Heveron, 41-Jim Bown, 31-Philip Duffie, 49-Tony Spanos, 0-Delma Cowart, 85-Bobby Gerhart, 59-Mark Gibson, and 39-Ricky Woodward.
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