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If you are searching the Forest Grove market for a new vehicle, you likely have a lot of questions about the car buying process. One common question we hear from our Aloha customers is, “What does MSRP mean?” MSRP stands for Manufacturer Suggested Retail Price and essentially indicates the figure auto manufacturers believe a vehicle to be worth. Also referred to as the list price, the manufacturer sets the MSRP based on market information, a vehicle’s popularity, the build materials, and more. Learn more about what is MSRP with Dick's Country Chrysler Jeep Dodge below!
So, what is MSRP? The Manufacturer Suggested Retail Price (MSRP) is the price recommendation handed down from the automaker to the dealerships. Most of us in Beaverton will only encounter the term MSRP when shopping for new vehicles. Along with MSRP, you may see terms like base price, invoice price, and transaction price. Each one of these terms is used to determine the value of the MSRP to both buyers and dealers. Discover more of what does MSRP mean below:
Now that you understand what MSRP is, you likely want to know how automotive manufacturers determine that price. Manufacturers use information like production costs, sales processes, and even the average markup set by dealerships to settle on an MSRP. Through both live and historical market data, car manufacturers can set a fair MSRP for each vehicle they make. Learn more about how each MSRP is set below:
As the name implies, MSRP is a suggestion, not the price you are bound to pay. In many instances, the difference between the invoice price and MSRP can be a few thousand dollars, so there may be more wiggle room than you think. Here are a few tips to bring with you to the negotiating table:
When you secure a fair price, you can head home to Hillsboro knowing your newest purchase is loaded with value. Learn more about the MSRP of each model that catches your eye with our finance team, and apply for financing when you find your fit! We’re here to help you discern which vehicle is right for your budget and lifestyle. For personalized car buying advice, contact us today!
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