The former Santiago Bernabeu favourite has no issue with the money Real Madrid paid for the Welshman, but simply feels that the previous transfer record holder is superior
Los Blancos paid Tottenham a record-breaking €100 million [£86m] to bring the Wales international to the Santiago Bernabeu just before the close of the summer transfer window.
The size of the fee caused controversy but as far as Sanchez is concerned, the only odd thing about the price is that it has seen Bale replace Ronaldo as the game's most valuable player.
"If someone pays it, that is that he [Bale] is worth," the Mexican reasoned in an interview with Marca.
"What I do believe, though, either way, he would have to be worth less than Cristiano."
Meanwhile, Sanchez, a former Madrid No.9, had some words of support for Madrid striker Karim Benzema, who has come in for more criticism for his poor goalscoring record at international level for his native France.
"Something similar happened to me with Mexico," he explained. "Circumstances are different in your own country and there can even be some jealousy. So, you just have to have patience sometimes."
Sanchez is convinced of Benzema's quality, believing the former Olympique Lyonnais man to be the only out-and-out striker Madrid currently need.
However, the former Mexico boss freely admits that he was sad to see Gonzalo Higuain leave for Napoli this summer.
"There was healthy competition there between him and Benzema, but sometimes you have to lighten the squad," he mused.
"It was obviously a difficult decision [for Madrid] to make and it's a shame. I was a little saddened by his departure."
Jose Mourinho also left the Spanish capital this summer and was replaced by Carlo Ancelotti at the Blancos helm, but Sanchez feels the time had come for the Portuguese to leave Madrid and return to Chelsea.
"The relationship with Mou was worn and both [parties] needed a change," he argued. "And both are happy now."
Sanchez, who joined from Atletico, scored 164 goals in 207 Liga appearances for Madrid.