The Peavey EVH Wolfgang Special was a budget version of the Peavey Wolfgang that didn't compromise on quality in parts or craftsmanship. It was made in the USA, and introduced in 1998 and discontinued around 2004. It had a flat top, masked "faux" binding, a single volume knob, three-way pickup toggle switch, two Peavey/EVH-designed humbucker pickups, licensed Floyd Rose tremolo with D-Tuna (d-tuner device), oil-finished hard rock maple neck and fingerboard with dual graphite reinforcement rods, straight headstock, and chrome tuners.

There were two basic versions of the EVH Wolfgang Special: a solid basswood model and a basswood body with a quarter inch maple cap. Each  EVH Wolfgang Special came with either a licensed Floyd Rose tremolo with D-Tuna (d-tuner device) or a tune-o-matic bridge and hard tail piece.

The solid basswood Wolfgang Specials were offered in gloss ivory, gloss black, vintage gold, gloss purple, and sunburst; solid basswood/maple cap Wolfgangs were offered in various transparent figured maple finishes (amber, red, purple, green, sunburst, and black cherryburst). Very occasionally a rejected maple top was painted gloss black; it still retained its masked "faux" binding, however.

In later years Peavey also released Japanese made EVH Wolfgang Specials and the Korean made Peavey EVH Wolfgang Special EXP.