What is MSRP?

Excited Couple Reviewing Trade in Offer with Salesman

 

If you’re looking for a new Hyundai for your Weaverville commutes, then you may have some questions about the car buying process and what MSRP means. MSRP stands for Manufacturer Suggested Retail Price and is the number that a manufacturer recommends a dealership sells a vehicle at. Also known as the list price, the MSRP is based on market information on the vehicle’s popularity, the materials that went into building it, and much more. Learn more about what MSRP means, how it’s set, and how you can use it to get a fair price on your next car purchase with Hyundai of Asheville! 

What Does MSRP Mean?

Most new car shoppers in Hendersonville will only encounter the term MSRP when shopping for a new vehicle, and it will be accompanied by other terms like base price, invoice price, and transaction price. Each of these terms helps determine how much the MSRP will be to the buyer and the dealership. Learn more about what MSRP means below:

  • The Manufacturer Suggested Retail Price is the number that a car manufacturer recommends a dealership sells their new vehicles at.
  • The same vehicle model should share the same MSRP across all dealerships since it’s set by the manufacturer. 
  • 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, SUVs will have a different MSRP than a sedan or a truck. 
  • Car shoppers can find the MSRP on the manufacturer’s website or the dealer’s website, and they can use it when negotiating the price of their new vehicle. 

How is the MSRP Set?

The MSRP for each vehicle is set based on information like manufacturing costs, sales processes, and even the average markups by Black Mountain-area dealerships. These factors will also determine future sales prices, the used model piece, and more. Learn about how a vehicle MSRP is set below:

  • The MSRP sets a vehicle’s base price at its entry-level configuration without additional features or accessories. 
  • Additional features and higher trim levels will raise the cost of the vehicle accordingly. 
  • While the MSRP is recommended by the manufacturer, it’s not necessarily the price the dealership will choose to sell the vehicle at. 
  • Depending on the invoice price for the vehicle – the price the dealership paid for the vehicle – the dealer may raise or lower the price of the car for Weaverville shoppers.
  • Demand also plays a role in how much a vehicle costs. A popular model will most likely be sold closer to the MSRP, while a less popular model may be set at a discount. 

How Do I Get a Fair Price?

While the MSRP is the price the manufacturer recommends for a new Hyundai model, it’s not the price you have to pay. Typically the difference between what the dealer paid for the vehicle and the MSRP is several thousand dollars. This means that the dealership will still make a profit even if you purchase the model at a lower price than the MSRP. Read more about getting a fair price for your next Hyundai model below:

  • Do your research by checking what other Asheville drivers have paid for the same model on sites like Kelley Blue Book, Edmunds, or Cars.com.
  • Start your negotiation below the MSRP, and work your way up from there – keeping in mind any additional features you want and what they may cost. 
  • Some dealers may let you see a car’s invoice price if you ask, however they are not obligated to. The invoice price can help you determine where you should start your price negotiation.
  • Shop at multiple dealerships until you find the one that can get you a price you are happy with.
  • 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. 

Get Your Next Hyundai at Hyundai of Asheville!

The “fair price” for a new Hyundai model is a price both you – the buyer – and the dealer are satisfied with. You get to drive home knowing you received an excellent deal on your new vehicle and the dealership has made a profit. Browse our new vehicle inventory to find a new Hyundai for your daily drives, then read our other car buying tips for more information on the car buying process. Visit our Asheville showroom today to take a test drive in your favorite Hyundai model!

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