My band Swaggasaurus is about to head in to recording and we are looking at $500 for a 3 song EP. I was wondering if this is a good deal because we've never recorded professionally before. This recording covers everything like mixing and masteringand in a really high quality studio. If this isn't a good deal what is a more reasonable price to try and go for?
If you already have preorders that will bring in more than $500, then you should be ok. Make sure to really be prepared before you enter the studio. Make it quick and have all your ideas ready as well as gear already adjusted.
I'm no expert, but that sounds reasonable for recording all instruments, mixing, and mastering professionally. Is this a lump price or are you paying by hour? That's something you should consider too. If it's a lump sum, then you get to take your time. But if it's hourly, that could get very costly quick if anything goes wrong.
Sounds fine, as long as they're the real deal.

just make sure you can get a high quality format of all the individual tracks as well.