What is the difference between MSRP, invoice price, and sale price?

MSRP is the automaker's suggested retail price, invoice is roughly what the dealer is billed by the manufacturer, and the sale price is what you and the dealer actually agree on. Invoice is not the dealer's true cost, because programs like holdback and factory-to-dealer incentives can lower it further. The sale price can land below, near or above MSRP depending on the model's demand and how long it has been in stock. Always focus on the final out-the-door number, since that is what you actually pay.