When you’re car shopping for a new commuter vehicle in South Salt Lake, you might find yourself wondering, “What is MSRP?”. MSRP stands for Manufacturer Suggested Retail Price. And it’s just that—the price that the auto manufacturer suggests selling a vehicle. You might also hear it called the list price. Manufacturers determine the MSRP based on market information about a vehicle’s popularity, the cost to manufacture the vehicle, and other factors. Get more in-depth information about what MSRP is with help from the financial team at Salt Lake Valley Buick GMC.
Now that you know what MSRP means, let’s look a little deeper at the details:
Since MSRP is set by the manufacturer, the same vehicle will have the same MSRP across all dealerships.
MSRP will vary across a manufacturer’s models. SUVs tend to have a higher MSRP because they require more materials and labor to make.
Because MSRP is the same across the country, you’ll be able to find it on the manufacturer or dealership’s website. Once you know the MSRP you have a place to begin price negotiations. Keep in mind that the MSRP is "suggested", so there's typically room to negotiate. Knowing the MSRP vs. invoice price—the price the dealership paid for the vehicle— will help you determine what a fair negotiating price will be.
How Do I Get a Fair Price?
The MSRP may be the price the manufacturer recommends for the vehicle, but it is not the price you have to pay for a vehicle.
Do your research: See what other drivers in the West Jordan area have paid for the same model by checking websites like Kelley Blue Book, Cars.com, or Edmund’s.
Start negotiating below the MSRP: Work your way up from there, keeping in mind the additional features you want and their prices.
Ask about the invoice price: Some dealerships will share this information with you if you ask for it, but they’re not obligated to share it with you. If you know the invoice price you’ll have an idea of how low the dealer might be willing to go.
Shop around: Comparison shop around Riverton until you find a dealership offers you a price you like.
If you plan to lease you can still negotiate the MSRP since the price you and the dealer agree on will determine your monthly payment costs.
Learn More About Car-Shopping with Salt Lake Valley Buick GMC
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