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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 aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing objective and original content. This allows you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that compensate us. This compensation can affect the way and when products are featured on this website, for example such things as the order in which they may appear within the listing categories in the event that they are not permitted by law for our loans, mortgages,, and other home loan products. This compensation, however, does have no impact on the information we publish, or the reviews appear on this website. We do not cover the vast array of companies or financial offers that may be accessible to you.
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5 minutes read. published January 26, 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of using loans to buy the car they want.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He believes in transparent reporting that allows readers to successfully find deals and make the most appropriate choices regarding their finances. He specializes in small business and auto loans.
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Buying a car can be the second largest purchase most people make in their lifetime. It has historically been a somewhat unpleasant experience that was accompanied by and on the dealer lot. In the wake of the new norm that the pandemic has brought, many dealerships are now embracing this and providing a smoother buying experience. The car buying process in 2023 is a hazard supply chain problems that keep costs up. As consumers, it is essential to make use of the shift in the purchasing process of cars in your favor. Consider the following ways that the buying process for cars could look different over the coming year to both the driver and the seller. What should you expect when purchasing an automobile this year. As we approach 2023, it’s hard to stay clear of news of a looming recession. The economic outlook is based on an 85% chance of entering a recession this year, found. Although the likelihood of a recession is not directly related to a buyer’s experience on the car showroom, high prices in the absence of a dealership could result in more discomfort when you purchase your next car. The month of December saw yet another record-high average transaction price for new vehicles of $49,507 as reported by . But the future is not negative, as dealers have noticed the erratic macro-environmental changes. Bankrate spoke with Dave Thomas, director of content marketing and an automotive market analyst for CDK Global, for insight on the upcoming trends for this year. Price is still the most important factor when you’re shopping for a vehicle for this coming year, you -like 48 percent of buyers, as per the might consider price to be your main consideration. The time commitment for buying a car is a consideration for the other half of surveyed consumers the most significant factor is price. This year might be a bit of a roller coaster for drivers, says Thomas. «For consumers, the primary concern is going to be on those interest rates and the best way to locate one that fits their budget,» he explains. It «could create a bit harder than it has been with the fewer options.» When shopping, multiple financing options to ensure that you get the most favorable deal, even with higher costs and higher interest rates. Tips from Bankrate
When , consider the whole of what you will have to pay — and not only the month-long expense.
The inventory is low. When customers head out to a dealer they have an idea of what kind of car they’d like to buy. But many drivers have found no inventory of the dream cars they’ve always wanted. Over the course of CDK’s six months , «the number of shoppers finding the vehicle they are looking for in stock hasn’t broken 50 percent,» says Thomas. Even more inventory is lower compared to 2019. Although conditions are improving, inventory remains low, according to 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 experiencing inventories returning, but most are different in the number of vehicles are available,» Thomas says. This «led to an increase in consumers purchasing cars directly from the factory with the process being handled at dealerships.» The options to purchase online will increase. The traditional car purchasing experience hasn’t seen an overhaul in the last few years, and consumers have become accustomed to the drawn-out process of getting a new or used vehicle from a dealership. This move to online car buying is not something that’s completely new. Lots of local dealers have online marketplaces to customers who want to browse inventory before arriving at the showroom. However, the online shopping experience has become much more in-depth recently. The break that many drivers took from the car buying process due to high prices also means that many need more guidance when shopping. While online shopping is growing, Thomas explains that «76 percent of the people we interviewed indicated that they were willing to take time to understand all of the options available,» this is an increase from 70 percent in 2021 as per the survey for the year 2023 . If you’re one of those who remained on the sidelines during the last year due to steep prices you can take comfort in the flexibility of this market. Dealerships will remain in operation. the traditional dealer isn’t expected to disappear anytime soon, it has experienced shifts following the outbreak. Many drivers are making use of online shopping as well as when local dealers have empty showrooms. Even so, 91 percent of shoppers did not go through the traditional process when buying a car in the last year, as per CDK’s survey. More interestingly, the 9 percent of buyers who completed their car buying process fully online didn’t rate the satisfaction very high. This is why it’s best not to overlook the hands-on experience that offers. However, many dealerships offer the best of both worlds approach, with the option to go online first and then end in-store. Thomas explained the switch. Many of the automakers that have been around for decades are «streamlining the process online and trying to make the change from making part of the process online to a seamless one in the car.» Drivers gain from the capability to crunch the numbers from the comfort of at home, yet still have a driving experience before signing the documents. 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 into the category of traditional car shopping, consider these guidelines when you’re avoiding the showroom floor. 1. If you are able to research in person, or not finding out the most relevant information is the first step to buying a car. Think about what aspects are important to you the most including the dimensions of the car as well as the fuel efficiency or the design and color. Although you might not be able explore your new ride on the road, YouTube car tours are an excellent resource for seeing the specifics a vehicle has to offer. 2. Make a budget. Once you’ve determine the type of vehicle that you’re looking for, it’s crucial to determine what you’re willing spend and . This will require some additional work but is much easier without a salesperson pressuring you. Enjoy your stay at home and consider all contributing factors, such as your salary as well as insurance, fuel and other vehicle expenses. 3. Find local inventory Another benefit when shopping for your car on the internet is the ability to verify local inventory prior to making a visit to the dealership. This can be accomplished by using a variety of ways. Look at specific dealers in your area — search such as «Toyotas that are sold close to me» or search on websites such as Edmunds and TrueCar. This can also assist in because you’ll better grasp the pricing landscape for the vehicle you’ve always wanted. 4. Chat online with salespeople . Negotiation is often one of the most intimidating aspects of the car-buying experience, but when you’re sitting behind a computer, it is much easier to negotiate the price you’re worthy of. The majority of online marketplaces you’ll come across will have a chat option. Make use of this feature to ask the right questions. Focus on being firm, and provide information while checking local inventory about competing pricing options. The bottom line It’s clear the car-buying experience has shifted for both the seller and the buyer over the past few due to a combination of elements: global pandemic and inflation problems, supply chain challenges and growing technological. However, it’s important to remember that a refresh in the industry is happening, and it is bringing greater transparency and accessibility to the driver. Therefore, even though it’s likely that car dealerships will disappear completely, consider purchasing online and saving time and money.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely taking out loans to purchase an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He values the clarity of his reporting, which helps readers confidently land deals and make the best decisions for their financials. He is a specialist in small and auto loans.
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