Jeep is introducing a new Jeep Cherokee. Not a GRAND Cherokee, though that model also continues. The new vehicle is a replacement for the Liberty that replaced the original Cherokee a dozen years ago. Unlike its predecessors, though, it’s based on a car platform, specifically the one that also underpins the Dodge Dart. This should improve handling. It should also enable a lower price. Has it?

One complication: while the Liberty was available with only a 210-horsepower V6, the new Cherokee will be available with either a 184-horsepower 2.4-liter four (recently introduced in the Dodge Dart GT) or, for another $1,495, a 271-horsepower 3.2-liter V6 (a downsized version of the 3.6-liter available in many Chrysler models). When touting a lower price for the new Cherokee, Jeep will no doubt configure the SUV with the four.

But I’m opting for the V6. I’m also opting for a two-speed transfer case because, well, it’s a Jeep, right? Specifying a full-time system with low range added $2,045 to the Liberty but will add $2,995 to the Cherokee, partly because the system comes bundled with far more sophisticated electronics, including crawl control (previously offered only on far more expensive SUVs such as the Toyota Land Cruiser) and a selector for different types of terrain.

Equipping both Jeeps with leather, nav, and automatic climate control, the Cherokee lists for exactly $2,500 more, $34,670 vs. $32,170. (I’m sure it’s a coincidence that this difference would be near zero with the four-cylinder engine and without the two-speed transfer case on the 2014.) So with these features the new Cherokee will cost quite a bit more.

But the 2014 Jeep Cherokee will also include many features you simply could not get on the Liberty. And I do mean many. The value adjustment of $4,495 gives the new one a feature-adjusted price advantage of $2,000. Quite a swing.

Detailed Cherokee vs. Liberty price and feature comparison

Casting about for the most likely competitor for the new Jeep Cherokee, I initially drew a blank. No one else fields a CUV that claims similar off-road prowess. Drop that criterion, and perhaps the new Subaru Forester? Specifying the same features as before, the two models are nearly identical in price, $33,820 for the Subaru Forester 2.0XT Touring and $33,675 for the Jeep Cherokee Limited ($995 lower than in the earlier comparison because the two-speed transfer case has been dropped). The Jeep has about $1,355 in additional content, for a feature-adjusted price advantage of $1,500.

Detailed Cherokee vs. Forester price and feature comparison

The Jeep is 400 pounds heavier, yet provides similar passenger room (tons of rear legroom in either) but significantly less cargo volume (55 vs. 75 cubic feet).

Which seems the best buy?