Car shoppers who have been looking at the Chevy Volt will have 5,000 more incentives to buy now.

This morning, Chevrolet announced that the starting price of the 2014 Volt would be cut from $39,995 down to $34,995. Adding on federal tax credits, the starting price could be as low as $27,495, and with a fuel economy of 35 city/40 highway, drivers will save hundreds of dollars on gas every year.

Chevrolet’s leadership has made a point of emphasizing advancements in the Chevy Volt in recent years including an increased battery range and a more comfortable interior. With the new price cut, they are hoping that car shoppers on the fence about the Volt will finally take the plunge and that car shoppers who are not looking at plug-ins or hybrids will check out the Volt.

In a press release, Chevrolet’s U.S. Vice President of Sales and Service Don Johnson said the price cut would give drivers “an unmatched balance of technology, capability and cost of ownership” with “the same impressive list of features, but for $5,000 less.”

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