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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 interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this site are from companies that pay us. This compensation may impact how and where products appear on this site, including the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage or home equity products, as well as other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews that appear on this website. We do not cover the vast array of companies or financial offerings that could be available to you.
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5 min read Read Published 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 details of taking out loans to buy an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He values clear reporting that helps readers successfully find deals and make the best choices for their finances. He is a specialist in small and auto loans.
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The purchase of a car is the second most expensive purchase most people make in their lives. Securing this high-ticket item has historically been a somewhat unpleasant experience that was accompanied by and on the lot of the dealership. However, with the change in normal that the pandemic has brought, many dealers are embracing the and creating a more seamless buying experience. Car buying in 2023 is a hazard and supply chain issues keeping costs high. As consumers, it is essential to make use of the shift in the purchasing process of cars for your benefit. Consider the following ways that car buying may look different in the coming year for both the buyer and the seller. What can you expect when buying an automobile this year. As we approach 2023, it’s difficult to avoid news of and a looming recession. The economic outlook is based on a 64 percent likelihood of experiencing a recession this year, found. While the prediction of a recession is not directly linked to the customer’s experience on the showroom, high prices in the absence of a dealership could result in more discomfort when you purchase the next car. December was the month that saw another record-breaking average transaction price for new vehicles of $49,507 as reported by . However, the future isn’t all gloom and doom since dealers have gotten a glimpse of the challenging macro-environmental trends. Bankrate spoke with Dave Thomas, director of content marketing and automotive sector analyst with CDK Global, for insight on upcoming trends this year. The price of a vehicle is still a major factor if you’re shopping for a vehicle this year, you -like 47 percent of buyers according to the could be using price as the main consideration. Although the commitment to time that comes with car buying is an important consideration for the other 50% of respondents, price is most important. This year might be a bit than a rollercoaster for drivers, says Thomas. «For consumers, the primary concern will be on interest rates and finding one that fits your budget» he explains. It «could create somewhat more challenging than it has been with the reduced inventory.» When shopping, numerous financing options are available to ensure you sign off on the most affordable deal, even when you pay higher rates and interest rates. Tips from Bankrate
When , consider the whole of what you will have to cover and more than just your monthly expense.
Low inventory persists When most consumers set out to a dealer they are aware of the type of vehicle they’d like to buy. But many drivers have found lots empty of the cars they’d like to purchase. In the CDK’s six-month period , «the number of shoppers finding the vehicle they are looking for in stock has not broken 50 percent,» says Thomas. Even more inventory is lower compared to 2019. Although conditions are improving, the supply is still below demand, according to J.D. Power. In addition, the lack of inventory has resulted in an increase of drivers skipping the dealership altogether. «Some brands are experiencing inventories return, but all are unique in how many vehicles are available,» Thomas says. This «led to the increase in customers purchasing cars directly from the factory , with the transaction being handled by the dealer.» There are more options for buying online will expand The typical purchase of a car hasn’t received a major makeover in many years, and customers have become accustomed to the lengthy process of getting a new or used vehicle from a dealer. The shift to online car buying is not a completely new idea. Lots of local dealers have online marketplaces to customers who want to browse options prior to visiting the showroom. But the online car shopping experience has become more in-depth recently. The break that many drivers had to take from the buying process because of the high cost is also a reason why many people require more information when they shop. So while online shopping is growing, Thomas explains that «76 percent of those we surveyed stated that they would like to take their time to fully understand their options» this is an increase from 67 percent in 2021, in accordance with the report for 2023 . If you’re one of those who stuck to the sidelines over the past year due to the high cost of gas, rest assured in this flexibility. Dealerships will remain in operation. the traditional dealership isn’t going to be obsolete anytime soon, but it has seen shifts since the pandemic. Many motorists are taking advantage of online shopping, especially when local dealerships are empty lots. However, 91 percent of shoppers used the traditional method when buying a car in the last year, as reported by CDK’s survey. In addition, 9 percent of those who did complete their car buying process fully online didn’t rate their experience highly. This is why it’s a good idea not to miss the real-world experience it offers. However, many dealerships offer the best of both approach with the option to start online and finish in the store. Thomas explained this switch. Many legacy automakers are «streamlining the online process and are trying to facilitate the change from making part of the process online to a seamless one in the car.» Drivers are benefiting from the capability to crunch the numbers at the convenience of at home but still have a driving experience before signing the paperwork. Four ways to make use of the internet to your advantage. Online car buying is still relatively new and takes some time to master. Although some of the advice is within the realm of the traditional approach to car purchasing, you should consider these tips when skipping the showroom. 1. Research In person or not finding out is the first step in the car-buying process. Consider what factors are important to you the most including the dimensions of the car and its fuel efficiency, or the design and color. While you might not be able explore the car you’ve purchased on the road, YouTube car tours are an excellent resource for seeing the particulars of what a car can offer. 2. Make a budget. Once you’ve determine the kind of car you want, it is essential to know how much you’re willing to spend and . Finding this number takes more effort, but it’s simpler without the pressure of a salesperson hounding you. Make the most of your time at there at home and take into account all the factors that affect you including your earnings as well as insurance, fuel and any additional costs for your vehicle. 3. Find local inventory Another benefit of shopping for your car on the internet is the ability to check local inventory before visiting the store in person. This can be done in a few ways. Look at certain dealers in your region and search for by, for instance «Toyotas available close to me» or use websites like Edmunds as well as TrueCar. This can also assist in understanding the price landscape for your dream car. 4. Chat online with salespeople . Negotiation can be one of the most daunting aspects of buying a car However, when you’re behind a computer screen it’s much easier to negotiate the price you’re entitled to. The majority of online marketplaces that you’ll encounter offer chat options. Make use of this feature to ask the appropriate questions. Focus on being firm, and then share the information you have gathered when you look up local inventory for the various pricing options. The bottom line is clear the car-buying experience has shifted for both the dealer as well as the buyer over the past few due to a combination of elements: global pandemics and inflation as well as supply chain issues, and the rapid growth of technology. However, it’s important to be aware that a re-design in the market is underway, and it is bringing more transparency and accessibility for the driver. So even though it is unlikely that car dealerships will completely disappear, think about buying online to save 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 to navigate the ins and outs of securely borrowing money to purchase a car.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He values clear reporting that helps readers confidently find deals and make the most informed decisions regarding their money. He is a specialist in auto and small business loans.
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