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The motor was "beautifully restored" by classic car hunter Dennis McCarthy, who is best known for his work on The Fast and the Furious and Death Race.
Gerard Way tells WENN, "Trans Ams are special to me because I was fascinated with them as a boy. They were the first cars I actually thought were cool.
"The Trans Am is a muscle car that has always symbolised freedom to me, and I was definitely a little bit of a metal-head. Plus, it has a T-Top for easy rocket-launching ability, which we definitely needed for the video."
The car in the video was purchased on eBay.com and restored by McCarthy and his team in Los Angeles.