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How the car buying process has changed in 2023 Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and unique content. This allows users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that compensate us. This compensation may impact how and when products appear on the site, such as such things as the order in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity, and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offerings that could be accessible to you.



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5 minutes read. Read on January 26, 2023.
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of taking out loans to purchase a car.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He believes in clear reporting that helps readers confidently land deals and make the best choices for their finances. He is a specialist in auto and small business loans.









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The purchase of a car is the second most expensive purchase that people make during their lifetime. Securing this high-ticket item has historically been a somewhat difficult experience, involving a lot of stress and waiting on the lot of the dealership. In the wake of the new norm the pandemic brought, many dealers are taking on the challenge of providing a smoother buying experience. Car purchasing in 2023 can be a challenge due to supply chain problems that keep prices high. As consumers, it is important to use the shifting purchasing process of cars to your advantage. Think about the following ways the car buying process could be different in the coming year for both the buyer and the seller. What to expect when buying the car of the year we move deeper into 2023, it's difficult to stay clear of news of the possibility of a recession. Economic experts believe that the economy has 64 percent chance of entering recession this year, according to. While the probability of a recession may not be directly correlated with a customer's experience on the showroom, high prices in the absence of a dealership could result in an additional annoyance when buying your next car. The month of December brought another record-breaking transaction price for new vehicles of $49,507 as reported by . But the future is not negative dealers have already noticed the erratic macro-environmental developments. Bankrate interviewed Dave Thomas, director of content marketing and automotive industry analyst at CDK Global, for insight on upcoming trends this year. The price of a vehicle is the main consideration if you're in the market for a new car in the coming year, then you -like 47 percent of buyers according to the might consider price to be your most important consideration. While the time commitment that comes with car buying is a consideration for the remaining 50% of respondents and buyers, price is the primary consideration. This year is likely to be a more tumultuous roller coaster for drivers, Thomas says. Thomas. "For shoppers, the focus will be on interest rates and the best way to locate the one that is within your budget" he explains. The fact that this "could cause the shopping process to be a bit harder than it was previously due to the fewer options." When shopping, multiple financing options to ensure you sign off on the most favorable deal, even with higher costs and higher interest rates. Bankrate's tip
If you are considering a purchase, think about the total of the amount you'll have to pay -- not just the monthly costs.


In the event that consumers set out to a dealer, they have some idea about the kind of car they are interested in buying. But many drivers have found no inventory of their dream car. In the CDK's six-month period , "the number of shoppers finding the vehicle they are looking for available has not exceeded 50," says Thomas. Additionally inventory is decreasing in comparison to the year prior. Even though conditions are improving inventory remains low as per J.D. Power. The lack of inventory has also resulted in an increase of people who don't go to the dealer altogether. "Some brands are seeing inventory returning, but most are unique in how many cars are on the lot," Thomas says. This "led to an increase in people purchasing cars directly from the factory , with the transaction being handled by dealerships." There are more options for buying online are growing. The standard car buying experience hasn't had an overhaul in the last few years, and customers have become accustomed to the drawn-out process of getting a new or used vehicle from a dealership. The shift to purchasing cars online isn't an entirely new concept. Lots of local dealers have offered online marketplaces for buyers to peruse their inventory prior to arriving on the dealership. But the online car shopping experience has become more in-depth recently. The break many drivers took from the car buying process because of the high cost also means that many need more guidance when shopping. While online shopping is increasing, Thomas explains that "76 percent of the people we interviewed stated that they would like to take their time to fully understand their options" which is up from 67 percent in 2021, as per the survey for the year 2023 . If you were one of those who remained on the sidelines over the past year due to the steep cost be assured of this flexibility. Dealerships will continue to operate. While the traditional dealership isn't going to disappear anytime soon, but it has seen shifts in its operations following the outbreak. A lot of drivers are taking advantage of online ordering as well as when local dealers have empty areas. However, 91 percent of shoppers used the traditional method to purchase a car over the last year, according to the CDK survey. More interestingly, the 9 percent of buyers who did complete their car buying process fully online did not score the satisfaction very high. In this light, it's a good idea not to miss the real-world experience you can get. But many dealerships are offering the best of both worlds approach, with the option to begin online and then finish at the location. Thomas explained the switch. Many legacy automakers are "streamlining the process online and trying to make the change from making part of the transaction online an effortless experience in the showroom." Drivers benefit by being able to work the numbers from the comfort of home , but still enjoy the driving experience before signing the paperwork. 4 ways to use online car shopping to your advantage. Online car buying is still relatively new and will require some learning. While some tips are within the realm of traditional car shopping, you should consider these suggestions when you're not on the showroom. 1. If you are able to research in person, or not, researching to find is the first step in the car-buying process. Think about what aspects matter to you most including the dimensions of the car and its fuel efficiency, or the design and color. While you might not be able explore your new ride in person, YouTube car tours are an excellent resource for seeing the specifics a vehicle can offer. 2. Make a budget. Once you've determine the type of vehicle you're looking for, it's crucial to determine how much you're willing to spend and . This requires more effort, but it's easier without a salesperson pressuring you. Make the most of your time at in your home and think about all the factors that affect you including your earnings, fuel, insurance and any additional costs for your vehicle. 3. Check local inventory Another benefit to shopping for your vehicle on the internet is the ability to verify local inventory prior to going to look in person. This can be done by using a variety of ways. Find specific dealers in your area Search by, for instance "Toyotas available near me" or search on websites such as Edmunds and TrueCar. This will also aid in because you'll better grasp the price landscape for your dream car. 4. Chat online with salespeople Negotiation is often one of the most intimidating aspects of the car-buying experience However, when you're behind a computer it's much simpler to negotiate the price you're worthy of. A majority of online marketplaces you will encounter will have a chat option. Use this as a space to ask the right questions. Make sure to be firm and then share the information you have gathered in your research of local inventory to determine different prices. The bottom line It's clear the experience of buying a car has changed for both the dealer as well as the consumer over the last few years because of a mix of factors: Global pandemics, inflation as well as supply chain issues, and the rapid growth of technology. It is crucial to remember that a refresh of the business is underway, and it is bringing more transparency and accessibility for the buyer. So even though it is unlikely that car lots are going to disappear entirely, you should consider purchasing online and saving both time and money.


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of taking out loans to purchase the car they want.



Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of clear reporting that helps readers successfully get deals and make best choices for their finances. He is a specialist in small business and auto loans.











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