Have not looked at all of the specs, but likely some component differences. Probably fairly minor.
The frame/fork is the same.

If the cost savings is substantial, go for the lower cost one.

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Thanks. My biggest concern is the fork. For the 2014 model they call the fork "Cervélo FK37" and for 2016 they call it "P3 All-Carbon." Despite the different names, the forks are the same?

fork and frame are the same, components may be different

Could be the difference between 10-speed and 11-speed. Does the higher-price bike have Di2?

Both are 11-speed and both are not Di2. In fact, the aero bars (3T Vola v. 3T Aura Pro) and brakes (ultegra v. magura) are arguably better on the 2014

^^^^^^ Agree magura brakes on the 2014 are better. Been riding the magura brakes p3 for about 2 months, really like the brakes.

Best,
GS

You could also buy a P2 and upgrade it and save even more money.

I was thinking about purchasing the 2016 p2 initially, but they're offering the 2014 p3 for almost the same price.

Should I consider the BMC Timemachine 02 Ultegra over the p3?