What is MSRP?

Finance Paperwork with Glasses

 

If you’ve been browsing our new vehicle inventory, you may have noticed the “MSRP” listed. So, what is MSRP, and why is it valuable information for Smithtown shoppers? MSRP stands for Manufacturer Suggested Retail Price, and you might often see MSRP vs. invoice price.But what does MSRP mean? This is the price point that the manufacturer recommends to the dealership, also known as the “list price”. However, it is only a recommendation, and many times you’ll find vehicles priced below the MSRP! Find out how you can use this information to your advantage with the help of Atlantic Chevrolet when shopping for a new car.

 

 

The Basics of MSRP

So, what is MSRP? To start with, the meaning of MSRP is the price that the manufacturer recommends based on market information on the vehicle’s popularity, the materials that go into building it, and more. Here are a few things to keep in mind:

  • Because the MSRP is set by the manufacturer and not the dealership, the MSRP will be consistent from one dealership to another.
  • Not every vehicle within the lineup has the same MSRP. Each sedan model will have its own individual MSRP, and each SUV model will have its own MSRP as well.
  • The MSRP is easily found on the manufacturer’s website or dealership website, so be sure to research before you shop!

MSRP Calculations

Now that you have some background, how is the MSRP set?

  • The MSRP is based on the vehicle’s entry-level configuration with no additional features or accessories. So any extras will add to the cost of the vehicle.
  • The MSRP is not the set price of the vehicle in Huntington, so the dealership may sell the vehicle at a higher or lower price.
  • Demand plays a big role in the selling price. A more popular model will sell around the MSRP, while a less popular model may sell less than the MSRP.

MSRP vs. Invoice Price

We’ve been through the explanations of the MSRP or list price, but what about “invoice price”? 

  • MSRP is the list price and sometimes can be referred to as the “sticker price”, or the amount you’ll pay the dealer.
  • The invoice price is the dealer price or the amount the dealer will pay the manufacturer.

Getting a Fair Price

So, how do you use all of this information to secure a great deal in Medford?

  • See what other drivers in the Smithtown are paying by researching on sites like Kelley Blue Book, Edmunds, or Cars.com.
  • Use this research to start your negotiations, you can sometimes offer less than MSRP to start and work your way up from there, but keep in mind that extra features will add to the cost.
  • Dealerships are not obligated to show you the invoice price, but some are willing to share that information. Feel free to ask, since the invoice price can also help you negotiate more effectively.
  • Planning on leasing instead of financing? The MSRP can still help you while negotiating your monthly payments!

Find Your Next Car Today With Atlantic Chevrolet

Now that you’re more knowledgeable about what MSRP is, and how it can affect your car buying process, contact us to speak to our finance department. Our expert team knows all of the tips and tricks necessary for you to get started on taking home your brand-new vehicle. 

 

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