If you’ve been saving up for a Chevrolet Volt, you can save a little less. Chevrolet has announced that for 2014, the Volt will cost $5,000 less than earlier models. That’s about a 13 percent price drop.

The 2014 Chevrolet Volt (General Motors)

The 2014 Volt has a base price of $34,995, which includes an $810 destination fee. Consumers can get tax credits on a Volt purchase of up to $7,500, which could effectively lower the price of the Volt to $27,495. 

“Dropping the Volt's price removes one of the primary consideration barriers for most buyers,” says Karl Brauer, senior analyst at Kelley Blue Book. “While the Volt features some of the most advanced, and expensive, drivetrain technology available, it still looks and feels like a compact car. That means only the most dedicated Volt fans will actually pay the car's asking price, which is far above other compact models. Nissan Leaf sales were up over 300 percent last month because of  that model's lower price. Chevrolet is undoubtedly aware of this shift in Leaf pricing, and its resulting sales spike. We all know what you're supposed to do when you can't beat 'em.”

According to The Wall Street Journal, the Volt not only has to compete with other plug-in cars, but also conventional gas-powered cars in Chevrolet showrooms. The Chevrolet Spark, Sonic and Cruze Eco all get 35 mpg or better on the highway, with the Cruze Eco getting up to 42 mpg. All three also start at less than $20,000, which is almost $7,500 less than the best price consumers could get on a Volt when tax credits are considered.

Jalopnik asks, “… when you can get a Cruze for much cheaper that gets a pretty decent MPG do you need the Volt?”

What do you think? Would a lower price make you more likely to buy a Chevrolet Volt or other plug-in car?

Shopping for an electric or hybrid car? Check out this month’s best car deals. You can also skip negotiating with a dealer by using our Best Price Program. Also, be sure to follow us on Twitter and Facebook.