I suspect the Savage cost a bit more than the 94. Keep in mind that $1 was a lot of money back then. Also consider that Win had many more years of sales to bolster their reputation. Anyone who wanted a caliber more potent than the .30-30 could pick up a 95. So, unless the Savage offered a lot of extra then it was in a tough place.

Why is the 94 still made today? Same with Marlin and Henry? Some people just came to love the lever action as a faster alternative to a bolt gun, without the issues of a gas or recoil semi-auto. Watching a capable shooter with a lever gun it is very quick to operate, especially when kneeling or standing. There are still a huge number of hunters who will shoot nothing but a lever gun. I remember that the sales of lever guns tailed off in the 70's. Then came the SASS and popularity went back up again. BPCR has also fueled the sales.

I have tried to like lever guns. Had two and ended up selling them soon after. Just did not do anything for me. I'd rather have a gas or bolt gun.