•  The Malibu's base price is falling to $22,805
  •  1LT base pricing is trimmed $770
  •  Malibu is now cheaper than Camry

The price of Chevrolet's midsize Malibu sedan is dropping. Parent company General Motors recently announced that it is cutting the 2013 Chevrolet Malibu's base price by $345. The resulting $22,805 MSRP with shipping puts the Malibu closer to rivals like the Honda Accord and Toyota Camry.

But it's not just the base-level Malibu LS prices that are being cut. The mid-level Malibu 1LT is snipping a whopping $770 from its base price, which drops to $23,995. And the upscale Malibu LTZ is cutting $415 in order to start at $28,715, including shipping.

Chevrolet's reason for the Malibu price cuts is likely to make it more appealing to Honda Accord and Toyota Camry shoppers. The Toyota Camry, for instance, starts at $22,835. That's $315 less than the Malibu before the price cuts, but slightly more expensive than the sedan's new base price. The same is true of the base-level Honda Accord, which starts at $22,470 -- now only slightly less than a Malibu LS.

The Malibu's price drop is also likely due to sales that are slower than expected. Released at the same time as a new Ford Fusion, Honda Accord, Toyota Camry and Nissan Altima, the latest Malibu has faced fierce competition. Malibu marketing director Russ Clark noted in an interview with Automotive News said that the price drop "ensures we remain on the shopping list."

All-new for 2013, the Malibu offers three engines. A base-level 2.5-liter 4-cylinder is found in LS, 1LT, 2LT and 1LTZ models. It makes 197 horsepower and returns 22 miles per gallon city and 34 mpg highway. Upscale 3LT and 2LTZ trims use a robust 2.0-liter turbo four that produces 259 hp and returns 21 mpg city/30 mpg hwy. Gas-saving Eco models -- which also saw a $300 price cut -- use a hybrid 4-cylinder that makes 182 hp and returns 25 mpg city/37 mpg hwy.

Chevrolet says the 2013 Malibu's pricing is already in effect at dealers across the country.

What it means to you: If you took the 2013 Chevrolet Malibu off your shopping list because it was too expensive, consider adding it again now that prices have been cut.

author photo

Doug DeMuro has a wide range of automotive industry experience, from work at a Ferrari dealership to a manager for Porsche North America. A lifelong car enthusiast, Doug's eclectic vehicle purchases include a Porsche 911 Turbo, an E63 AMG wagon, an old Range Rover and a Mercedes Benz G-wagen.

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