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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 goal is to help you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that pay us. This compensation may impact how and when products appear on the site, such as for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews that you see on this site. We do not include the vast array of companies or financial deals that may be accessible to you.
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5 min read Published January 26, 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely taking out loans to purchase an automobile.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of clear reporting that helps readers easily get deals and make best choices for their finances. He is a specialist in small and auto loans.
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Buying a car can be the second-highest cost purchase most people make in their lifetime. Securing this high-ticket item is typically a difficult experience, involving a lot of stress and waiting on the dealer lot. However, with the change in normal the pandemic brought, a lot of dealerships are now embracing this and creating a more seamless buying experience. Car buying in 2023 can be a challenge due to supply chain problems that keep costs high. As consumers, it’s important to use the shifting purchasing process of cars for your benefit. Think about the following ways the buying process for cars could look different in the next year for both the buyer and the seller. What should you expect when purchasing the car of the year we approach 2023, it is difficult to avoid news of and an imminent recession. Economic experts believe that the economy has 64 percent chance of entering a recession this year, according to. While the probability of a recession isn’t directly correlated with a buyer’s experience at the lot, expensive prices at the dealer could cause more discomfort when you purchase your next car. The month of December saw another record-breaking cost for new cars of $49,507 as reported by . But the future is not all doom and gloom dealers have already noticed the erratic macro-environmental changes. Bankrate interviewed Dave Thomas, director of content marketing as well as an automotive sector analyst with 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 this year, you- like 48 percent of buyers, as per the could be using price as the main consideration. The time commitment for buying a car is a consideration for the other half of surveyed consumers and buyers, price is the primary consideration. This year could be a bit of a rollercoaster for drivers, says Thomas. «For consumers, the primary concern will be about those rates of interest and finding one that fits the budget of theirs,» Thomas says. It «could make the process more difficult than it was before the fewer options.» When shopping, you should consider a variety of financing options to make sure you sign off on the best deal even with higher prices and interest rates. Bankrate tip
Consider the entire of the amount you’ll have to cover — more than just your monthly cost.
Low inventory persists When most customers head out to a dealership, they have some idea of what kind of car they’d like to buy. However, there are many drivers who have found lots empty of the dream cars they’ve always wanted. In the CDK’s six-month period , «the number of shoppers finding the car they want available has not exceeded 50 percent,» says Thomas. In addition, inventory is down when compared to 2019. Even though conditions are improving supply remains below demand according to J.D. Power. Low inventory has also caused an increase in customers who do not visit the dealership at all. «Some brands are seeing inventories return, but all are different in the number of cars are in stock,» Thomas says. This «led to an increase in consumers ordering vehicles cars from the manufacturer, with the entire process handled at the dealer.» There are more options for buying online will increase. The traditional car buying experience hasn’t had any major changes in recent years and people have become accustomed to the lengthy process of buying a new or used car from a dealership. This move to the purchase of cars online isn’t an entirely new concept. Many local dealerships have offered online marketplaces to customers who want to browse their inventory prior to arriving on the lot. But the online car shopping experience has become much more in-depth recently. The break many drivers took from the car buying process because of the high cost also means that many need additional guidance when shopping. Therefore, even though online shopping is on the rise, Thomas explains that «76 percent of the people we interviewed indicated that they were willing to take their time to understand all of the options available,» this is an increase from 70 percent in 2021 according to the 2023 . If you were one of the motorists who remained on the sidelines in the past year due to steep prices you can take comfort in this flexibility. Dealerships will continue to operate. While the traditional dealer isn’t expected to be obsolete in the near future, it has experienced shifts following the pandemic. Many motorists are making use of online shopping similar to when local dealers have empty areas. Even so 91% of consumers did not go through the traditional process when purchasing a car during the last year, as per CDK’s survey. In addition, the 9 percent of motorists who completed their car buying process fully online didn’t rate their satisfaction very high. This is why it is wise not to overlook the hands-on experience it offers. Many dealerships are providing an ideal mix of approach, with the option to begin online and then finish at the location. Thomas explained this change. Many of the automakers that have been around for decades are «streamlining the online shopping experience and attempting to make the change from making part of the process online to a seamless one in the showroom.» Drivers are benefiting from the ability to crunch the numbers at the convenience of at home, yet still have a driving experience before signing the paperwork. 4 ways to use the internet to your advantage Online car shopping is new, and will require some learning. While some tips are into the category of conventional car buying, think about these tips when skipping the showroom floor. 1. If you are able to research in person, or not conducting research to discover is the first step to buying a car. Think about what aspects are most important to you such as the dimensions of the car as well as the fuel efficiency or the design and color. Although you may not be able to tour the new car in person, YouTube car tours are an excellent way to explore the particulars of what a vehicle offers. 2. Set a budget After you set your sights on the type of vehicle that you’d like to purchase, it’s important to figure out how much you’re willing to spend and . This requires additional work but is much easier without a salesperson pressuring you. Make the most of your time at there at home and take into account the various factors that contribute to your decision like your income as well as insurance, fuel and any additional costs for your vehicle. 3. Check local inventory Another benefit to shopping for your vehicle online is the possibility to check local inventory before going to look in person. It can be done by a variety of methods. Check out the local dealers and search for such as «Toyotas that are sold near me» or search on websites such as Edmunds and TrueCar. This can also assist by helping you understand the market price for the vehicle you’ve always wanted. 4. Chat online with salespeople . Negotiation can be one of the most daunting aspects of buying a car however, when you’re in front of a computer screen, it is much easier to haggle for the price you’re worthy of. Most of the online marketplaces that you come across will have a chat option. Use it as a platform to ask the right questions. Focus on being firm, and share information you found when you look up local inventory for competing price options. The bottom line It’s clear the buying experience for cars has changed for both the seller and the buyer over the past few due to a combination of factorsincluding global pandemics inflation, global pandemic as well as supply chain issues, and the rapid growth of technology. It is crucial to keep in mind that a change in the market is underway which is bringing more transparency and accessibility for the buyer. Even though it’s likely that car dealerships will completely disappear, think about buying online to save time and money.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to purchase a car.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of clear reporting that helps readers easily find deals and make the best decisions for their financials. He is a specialist in auto and small business loans.
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