The Dodge Colt gets a little sportier in 1974 with the introduction of the 2-door Colt GT, a turbo version of the 1.6-liter engine paired with a 4-speed manual transmission. The 2-door hard or soft top coupe, 4-door sedan, and 5-door Custom Wagon were still offered with either the 1.4-liter or 1.6-liter, 4-cylinder, 85-hp engine. The 4-speed manual was standard, but there was a 3-speed auto tran option.

Larger front and rear bumpers were also added to the 1974 Dodge Colt to comply with new federal safety regulations. The Colt also received a twin in the Plymouth line, initially labeled the Champ or Cricket (though later renamed the Colt). Already a reliable economy car, this subcompact got a lot speedier and more fun to drive with the addition of the turbo and some sporty styling.

Inside, reclining bucket seats and a tilt steering wheel focused on driver comfort, and were unusual standard features in subcompact cars of that day. The rear seats suffered from lack of legroom, particularly in the coupe. The Custom Wagon offered extra storage space.