I have always charged enough to pay for my expenses for the period of time it takes to build the guitar. I've had to as it is where my money comes from. When I was starting out, at age 20, my expenses were extremely modest. I remember having a $25 per month rent and eating a lot of brown rice and veggies. My guitars were $600 in 1977. At this point I have a pretty frugal lifestyle, but I do own a home with a mortgage and have a wife and a kid; had to raise my prices a bit.
I work on the theory that a guy should be able to make his living doing what he wants to do if he is diligent. I believe some call it the protestant work ethic. I never undercharged and I have never overcharged either.
People who charge "what the market will bear" must have a bigger research department that I do. I say charge what you need to, no more.
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