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What is the MSRP Meaning?

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When you’re shopping for a new Honda in the New London area, you might be wondering, what is MSRP? The MSRP meaning is Manufacturer Suggested Retail Price. It’s just that—the price that Honda suggests dealers set when selling a vehicle. You might also see it called the list price. It’s based on market information about the vehicle’s popularity, the materials that go into building it, and more. Learn more about the MSRP meaning and the difference between MSRP vs. invoice price with the help of Westbrook Honda!

What is MSRP?

Want to learn more about the MSRP meaning in Branford and how it affects what you pay for your new car? Let’s go deeper into, “What is MSRP?” so you can feel confident when it’s time to negotiate your final price.

  • A model will share the same MSRP across all dealerships, as the price is set by the manufacturer. For example, a Honda Civic in Middletown will have the same MSRP as the same Honda Civic in another state. The MSRP is for the base level.
  • While 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, an SUV like the Honda CR-V will have a different MSRP than the Honda Civic.
  • The MSRP is on the manufacturer’s website or our website. Use it when negotiating the price of your new vehicle.

MSRP vs. Invoice Price

You may hear the term “invoice price” while car shopping, but how do you differentiate between MSRP vs. invoice price? It’s easy: the invoice price is how much the dealer paid for the vehicle. Since the MSRP is a “suggested” price, there’s room to negotiate, usually between the MSRP and invoice price.

How Do I Get a Fair Price?

A fair price is one that leaves both you and the dealer happy. Here’s how to get a fair price using the MSRP as a guide:

  • See what other shoppers in your area have paid for the same model on sites like Kelley Blue Book, Edmunds, or Cars.com.
  • Start negotiating below the MSRP and work your way up from there. Make sure to include pricing for any features you want that aren’t included in the base.
  • Ask about the invoice price. Some dealers may let you see a car’s invoice price, but they are not obligated to. The invoice price can help you understand how low the dealer is willing to go while still making a profit.
  • Shop at multiple dealerships until you find the one that can get you a price you are happy with.
  • Lease prices can also be negotiated from the MSRP, since the price you and the dealer agree on will determine your monthly payment costs.

Learn More About Car-Buying with Westbrook Honda

Now that you know the MSRP meaning, get more car-buying tips from Westbrook Honda! You can start by getting information about simple interest loans and more!

 

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