New vehicles are more expensive than ever. There's one exception, though: The Jeep Grand Cherokee. In a surprising move, Jeep has taken a gigantic red pen to the bottom line of most Grand Cherokee trim levels for 2024. You can expect a $2,000 year-over-year price drop on low and midrange trims, a $3,500 discount for Limited, and a $4,000 cut for the Summit trim. Step up to the range-topping Summit Reserve and the price drop is even larger: $4,595.

That means the most expensive Grand Cherokee trim now has a starting price under $70,000, even after the $1,795 destination charge. It's worth mentioning the same price cut applies to the three-row Summit Reserve, though it clocks in a few bucks over $70,000. The price cuts apply to three-row models throughout the lineup, as well as those with a choice of two-wheel or four-wheel drive. The only Grand Cherokee trims not packing a price drop are the entry-level Laredo A, and the hybrid 4xe versions.

Gallery: 2022 Jeep Grand Cherokee: First Drive

Here's a price breakdown of 2024 Grand Cherokee models (excluding 4xe) and the year-over-year price changes. All prices include Jeep's $1,795 destination charge and denote a 2WD, two-row model unless otherwise noted. Overland and Summit trims are only offered with 4WD for 2024, so we use 2023 4WD pricing to have an apples-to-apples comparison. Beyond that, Add $2,000 for 4WD and another $2,000 for a three-row Grand Cherokee L. Go for the Laredo trim and you'll only have to pay $1,750 to get an extra row.

Model/Trim 2023 Price 2024 Price Difference
Laredo A (2wd 2-row only) $38,290 $38,290  $0
Laredo $42,425 $40,425 -$2,000
Laredo X $43,175 $41,175 -$2,000
Altitude $46,435 $44,435 -$2,000
Altitude X $47,530 $45,530 -$2,000
Limited $51,795 $48,295 -$3,500
Overland (4WD) $67,385 $63,385 -$4,000
Summit (4WD) $68,950 $64,950 -$4,000
Summit Reserve (4WD) $73,430 $68,835 -$4,595

We contacted Jeep to ask about the significant price cut, a stark contrast to typical year-over-year price changes, which usually increase rather than decrease. A company spokesperson offered this statement from Jeep CEO William Peffer:

"We know consumers are grappling with the rising costs of inflation. In response, the Jeep brand is taking the opportunity to add content and value to its award-winning lineup, while at the same time rolling back starting US MSRPs on some of our most popular models, like the 2024 Jeep Grand Cherokee. At the Jeep brand, we will continue to strive to deliver the best, most capable SUVs and pickups to our customers."

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