http://www.mazdausa.com/MusaWeb/displayPage.action?pageParameter=ProgramGuidelinePricing
it is invoice price. if a dealer tells you s-plan is above invoice they are lying.
and honestly, it shouldnt be hard at all to get most cars for invoice (or less)
cx-5 specifically would be harder, since they are in high demand, but not impossible if youre patient and cross shop dealers.
dont think that the only way to get a good deal on a cx-5 is via s-plan. splan just makes it more simple
however, on a larger scale, invoice price is a joke now. Since consumers know what it is now via edmunds etc, invoice pricing has crept up to be very close to MSRP. Just look at the cx-5. iirc msrp is barely 1k above invoice!
So a dealer can say "This is what we pay so I cant go any lower without losing money". They show you the order fulfilment form from the manufacturer. Its very hard to argue against.
The first part is true, technically it is what the dealer "pays" for the vehicle. The second part is a lie, dealer profit has shifted to post sale payments and bonuses from the manufacturer, which are of course much harder for the consumer to find out and negotiate with.