Before you get too excited, it looks like Jeep has removed some standard options to make up for the price difference.
For example, the power eight-way driver's seat is missing on the 2012 base model and other options seem to be a little more expensive.
We don't have the full options list yet, so we won't know for sure until the vehicle goes on sale.
Nonetheless, there are other improvements such as the addition of a six-speed automatic transmission for V-8 Powered trims.
We're also seeing some improvements in fuel economy, with the V-6 models burning 1 mpg less fuel overall.
The Jeep Grand Cherokee was redesigned for the 2011 model year. It's usually a good idea to wait until the second year before buying a redesigned model.
This is so all the kinks are worked out in the first year of new production and you'll be less likely to experience problems.
2012 Jeep Grand Cherokee (2011 pricing)
Laredo: $26,995 ($30,215)
Laredo 4x4: $28,995 ($32,215)
Limited: $36,795 ($36,715)
Limited 4x4: $39,295 ($39,215)
Overland: $39,495 ($38,795)
Overland 4x4: $42,995 ($42,295)
SRT8: $54,470 (n/a)
Destination charge: $825 (same)