2016 Chevrolet Volt
(General Motors)

Chevrolet said this week the fully redesigned 2016 Volt plug-in hybrid will start at $33,995, including $825 for destination. The 2016 Chevrolet Volt is $1,175 less expensive than the 2015 model, and Chevrolet says that Volt buyers are eligible for up to $7,500 in federal tax credit.

The 2016 Volt debuted in January at the North American International Auto Show in Detroit. It can drive 12 more miles on electricity than the 2015 model and is more fuel-efficient. According to Chevrolet, the 2016 Volt gets 102 mpg-equivalent (mpg-e) on electricity and 41 mpg combined city/highway with gas and electric power, whereas the 2015 model is rated at 98 mpg-e and 37 mpg combined, respectively.

[See Rankings of the Best Hybrid and Electric Cars]

The Volt's lower price is reflective of current trends in the market for electric and hybrid vehicles. As we reported last month, car buyers aren't currently as interested in fuel-efficient vehicles as they have been because of low gas prices. The AAA Daily Fuel Gauge Report shows that the current average national price for regular gasoline is $2.66, which is $1 less per gallon than it was a year ago.

2016 Chevrolet Volt
(General Motors)

Sales of the 2015 Volt have taken a hit in recent months. Chevrolet sold almost 42 percent fewer Volts in April 2015 compared with April 2014.

[See the 2015 Chevrolet Volt review]

Although the redesigned Volt is less expensive than the 2015 model, it still costs slightly more than some rivals. For example, the 2015 Toyota Prius Plug-in starts at $30,815 and the 2015 Ford C-Max Energi costs $32,595. Both prices include destination fees.

Chevrolet says the 2016 Volt will hit dealerships in the second half of this year. If you're thinking about a plug-in hybrid vehicle, is the 2016 Volt's price drop enough for you to consider buying one?

Interested in a fuel-friendly or electric car? Find the right one for you with our hybrid and electric car rankings, then check out the U.S. News Best Price Program for guaranteed savings on a new vehicle. Also, be sure to follow us on Twitter and Facebook.