What Does MSRP Mean in Cars?

If you’re searching for an affordable new Chevrolet vehicle for sale near Lexington, then you’ve probably heard the acronym “MSRP” being thrown around and wondered, “what exactly does MSRP mean?” Luckily, the experts here at Jack Burford Chevrolet,inc. are here to explain! MSRP stands for Manufacturer’s Suggested Retail Price. Basically, the MSRP is a dollar amount that the manufacturer recommends its auto dealerships sell a vehicle for. Sometimes also referred to as vehicle list price, a vehicle’s MSRP is set based on market prices and other factors.

Learn more about what MSRP is, and the difference between MSRP vs. invoice price with the help of Jack Burford Chevrolet,inc. below! Still curious to learn more? Contact us anytime for additional information!

What is MSRP?

Now you know what MSRP stands for. But what’s the significance of a vehicle’s MSRP? That’s what we’re going to run through right now so that you can have a better understanding of how to get the best deal on your next new Chevy vehicle for sale.

• The MSRP for a particular make and model (i.e. Chevy Equinox) should be the same across all dealerships nationally, as this price is set by the manufacturer, not the dealer. That said, the price a car sells for may differ from the MSRP at the discretion of the dealer.
• Even though the MSRP is the same for each vehicle of the same model, it won’t be the same for every vehicle the manufacturer sells. For instance, a Chevy Silverado 1500 will have a different MSRP than an Equinox or a Chevy Trax.
• A vehicle’s MSRP can usually be found on the manufacturer’s website or the dealer’s, and you can often use the MSRP when negotiating the price of your next new vehicle.

How is a Vehicle’s MSRP Set?

There are several factors that go into determining what a vehicle’s MSRP will be, including but not limited to the following:

• The base MSRP refers to the price of a particular make and model vehicle at its entry-level configuration without additional features or accessories.
• Adding features or upgrading to higher trim levels will raise the cost you pay for a vehicle.
• While the MSRP is recommended by the manufacturer, it’s not necessarily the price a vehicle will actually sell for. What’s more, the MSRP often doesn’t take into account things like new vehicle specials or other rebates and incentives.
• The invoice price for the vehicle (the price the dealership pays for a vehicle prior to selling it) will often influence how close to MSRP the dealership sells a vehicle. While you can ask what the invoice price is, the dealership is under no obligation to disclose this to you.
• Demand often plays a large role in how much a vehicle costs. Popular models often sell much closer to MSRP than other vehicles, since there are plenty of other people who will be willing to pay higher for them.

What’s the Difference Between MSRP and Invoice Price?

Have you heard the term “invoice price” while car shopping? If so, and you’re wondering how this compares to MSRP, read on:

• A car’s invoice price (AKA dealer price) refers to the amount a dealer pays the manufacturer to obtain the vehicle prior to selling it.
• MSRP (AKA “sticker price”) is the suggested price a dealer sets per manufacturer recommendations at which to sell a vehicle. But the dealer can sell the vehicle at a price that differs from the MSRP to make a sale.

How to Get a Fair Price on Your Next New Car

If you’re looking to get the best price possible on your next Chevrolet vehicle in Lexington, then you’re going to want to follow these tips:

• Research what other Richmond drivers have paid for the same make and model for sale in London and the nearby areas on sites such as Kelley Blue Book, Edmunds, or Cars.com.
• Negotiate your price by starting below the MSRP. Then, work your way up from there, keeping in mind any features or add-ons you may want to add in. Remember that sometimes, the inclusion of accessories or features can be a good alternative to a price reduction.
• Looking for the best deal possible? Don’t be afraid to shop around at multiple dealerships. But also know that we here at Jack Burford Chevrolet,inc. are motivated to be your premier source for Chevrolet vehicles, and will do our best to get you into your dream car for a price and auto financing that works for you.
• Looking to lease a car? You can still negotiate the MSRP, since the price you and the dealer agree on will impact your monthly lease payment amount.

Jack Burford Chevrolet,inc. is Your Premier Source for New Chevrolet Vehicles in Richmond!

Now that you’re well-versed on what MSRP is, how it’s set, and how it differs from invoice price, contact us at the Chevrolet finance center to learn even more! Otherwise, we’re ready to help you get approved for financing now! All you need to do is apply online!