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What is MSRP?

Tiny car with coins and finance paperwork

If you’re looking for a new vehicle in Kettering, you’ve probably come across the letters MSRP. So what is MSRP exactly? MSRP stands for Manufacturer Suggested Retail Price, meaning it’s the price that the car’s manufacturer suggests the dealership uses for sales. You may have also heard this called the “list price.” Learn more about how MSRP is determined and other factors involved in pricing a vehicle below! 

What is MSRP?: Car-Buying Tips

Knowing a little more about MSRP will help you find the right price for your vehicle in Springboro. So let’s discuss some details about MSRP:

  • Because the price is set by the manufacturer, the MSRP for any vehicle should be the same across all dealerships. 
  • You can find the MSRP of a vehicle on the manufacturer’s website. This is a useful bit of information when you’re negotiating vehicle prices. 

How is the MSRP Set?

Now, let’s look at how an MSRP is set and how a Bellbrook dealership determines what they’ll price the vehicle at on their lot. 

  • The “base MSRP” that’s advertised as the entry-level vehicle trim doesn’t include additional features. 
  • More features and accessories will raise the price of a car accordingly. 
  • The MSRP is recommended by the manufacturer, which means that a dealer can set their price if they decide to do so. 
  • Another factor to consider is the invoice price. This is the price the dealer paid for the car. Depending upon this figure, the dealership could raise or lower the price of your vehicle. 
  • A popular car model will usually be sold very close to the MSRP. Less popular models tend to be sold at a discount. 

How to Get a Fair Price 

The MSRP is not exactly going to be what you pay for your vehicle. Here are some steps to take to get a fair price on your next vehicle purchase.

  • Research to see what the vehicle is going for at multiple dealerships and on the internet. Learning the Value Trade-In value of your chosen vehicle helps!
  • Some dealerships will disclose the invoice price they paid, and others won’t. If you can find out the invoice price, this can come in handy when negotiating. 
  • Start negotiating below the MSRP, then work up from there. 
  • Check out the prices at multiple dealerships so that you can compare prices. 
  • Trying to get a lease deal? Knowing the MSRP still helps with this, as the monthly payments are determined in part by the vehicle’s MSRP.

Get a Great Price on Your MSRP at Bob Ross Buick GMC!

At Bob Ross Buick GMC, we’re all about helping Centerville-area drivers simplify the car-buying process. Come by to check out our new vehicle specials and pre-owned vehicle specials. Please do contact us with any questions about car prices and to start your car-buying journey with us!

 

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