It would make the model slighly more "complex" in that you will have an extra table, sure. However it will make the model much simpler in that you will have far more flexibility with a "normalized" design. Read up at
this site. It has some good models for what I'm talking about.
You do have the right general idea though. If you were to put make and model in a seperate table with a unique key, you could then use that key to store prices for competitors. When it comes time to report, your queries become far easier and more intuitive, with less margin for error.