They're both "price", but I don't see the difference. Even the Kanji appear to suggest similar meanings. Thanks for any advice!
Answer
"値段" (mixed kun-on compound) is a rather colloquial word, used in most part of our daily life. In most cases, 値段 refers to "how much we/you have to pay" in individual transactions, from the viewpoint of those who buy or sell the item.
慌てて買う前に、値段をよく確かめよう。
あのお店でレアなグッズを見つけたけど、値段が高すぎて買えなかったよ。
Using 価格 in casual conversations like these is not incorrect, but sounds a bit unnatural to me.
On the other hand, the usage of "価格" is that of typical 漢語. In serious written articles or business conversations, we mainly use 価格:
原油産出量の増加に伴い、ここ数年、石油の価格は緩徐な下落傾向にある。
「需要」と「供給」という2つの要素が、小売市場における商品の価格を決定づける。
価格 can construct many longer compound words, such as 希望小売価格, 市場価格, 価格調査. I can't think of similar compounds which contain 値段.
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