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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 financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare data for free — so that you can make informed financial decisions. 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 products that appear on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on the site, such as such things as the order in which they may be displayed within the listing categories, except where prohibited by law for our loans, mortgages, and other home loan products. This compensation, however, does affect the information we provide, or the reviews you read on this site. We do not include the universe of companies or financial deals that may be open to you.
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5 min read Read on January 26, 2023.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of taking out loans to purchase 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 get deals and make best choices for their finances. He specializes in small and auto loans.
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The purchase of a car is the second largest purchase that people make during their lifetime. Securing this high-ticket item has historically been a somewhat unpleasant experience that was accompanied by and on the dealer lot. However, with the change in normal that the pandemic has brought, many dealers are taking on the challenge of providing a smoother buying experience. The car buying process in 2023 is a hazard and supply chain issues keeping prices high. As consumers, it is essential to make use of the shift in the car buying process for your benefit. Think about the following ways the buying process for cars could look different in the next year for both the buyer as well as the vendor. What can you expect when buying a car this year As we get closer to 2023, it is difficult to avoid news of and a looming recession. The economic outlook is based on 64 percent chance of entering a recession in the coming year, found. While the probability of a recession may not be directly linked to the customer’s experience on the lot, expensive prices at the dealer could cause an additional annoyance when buying your next vehicle. The month of December brought another record-breaking transaction price for new vehicles of $49,507 as reported by . However, the future isn’t all gloom and doom, as dealers have taken notice of the challenging macro-environmental developments. Bankrate interviewed Dave Thomas, director of content marketing as well as an automotive market analyst for CDK Global, for insight on the upcoming trends for this year. Vehicle price remains paramount If you’re in the market for a new car this year, you- like 47 percent of buyers as per the may use price as your most important consideration. While the time commitment that comes with car buying is an important consideration for the other half of consumers surveyed and buyers, price is the primary consideration. This year is likely to be a bit of a rollercoaster for drivers Thomas says. Thomas. «For buyers, the main focus will be about those rates of interest and finding one that fits the budget of theirs,» Thomas says. It «could make the process a bit harder than it has been with the reduced inventory.» When shopping, numerous financing options are available to ensure that you get the most favorable deal, even when you pay higher prices and interest rates. Tips from Bankrate
If you are considering a purchase, think about the total of what you will have to cover — not just the monthly cost.
The inventory is low. When customers head out to a dealer they have an idea of the type of vehicle they want to purchase. However, many buyers have discovered no inventory of the dream cars they’ve always wanted. In the CDK’s six-month period , «the number of shoppers finding the vehicle they are looking for in stock hasn’t broken 50 percent,» says Thomas. Additionally inventory is lower compared to 2019. Although conditions are improving, supply remains below demand as per 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 unique in how many cars are on the lot,» Thomas says. This «led to the increase in customers purchasing cars directly from the factory with the entire process handled at the dealer.» Options to buy online will increase. The traditional car buying experience hasn’t had a major makeover in many years, and consumers are used to the lengthy process of getting a new or used car from a dealer. This move to online car buying is not an entirely new concept. Lots of local dealers have had online marketplaces available to customers who want to browse their inventory prior to arriving on the lot. But the online car shopping experience has become more thorough in recent times. The time away that many motorists had to take from the buying process due to the cost also means that many need more guidance when shopping. So while online shopping is on the rise, Thomas explains that «76 percent of people we surveyed indicated that they were willing to spend time trying to understand all of their options» which is up from the 67 percent of 2021 as per the survey for the year 2023 . If you were one of those who remained on the sidelines during the last year due to steep prices, take comfort in this flexibility. Dealerships will continue to operate. While the traditional dealer isn’t expected to disappear in the near future, it has seen shifts in its operations following the outbreak. Many drivers are using online ordering as well as when local dealers have empty lots. However the majority of buyers still took the traditional route when buying a car in the last year, according to CDK’s survey. It is also interesting to note that the 9 percent of buyers who completed their car buying process fully online didn’t rate the experience highly. In this light, it is wise not to overlook the hands-on experience you can get. However, many dealerships offer the best of both approach, with the option to start online and finish in-store. Thomas explained this change. Many legacy automakers are «streamlining the online shopping experience and trying to make the transition from doing part of the process online to seamless experience at the car.» Drivers are benefiting by being able to work the numbers at the convenience of at home, yet still have a driving experience prior to signing the papers. Four ways to make use of online car shopping to your advantage. Online car shopping is new, and it will require some learning. Although some of the advice is into the category of the traditional approach to car purchasing, think about these tips when skipping the showroom floor. 1. Conducting research in person or online conducting research to discover is the initial step to buying a car. Take note of the factors that matter to you most including the size of the vehicle and its fuel efficiency, or the style and color. While you might not be able to tour the new car personally, YouTube car tours are an excellent way to explore the features a car can offer. 2. Create a budget after you have set your sights on the type of vehicle you’re looking for, it’s important to figure out what you’re willing spend and . Finding this number takes additional work but is much simpler without the pressure of a salesperson hounding you. Take advantage of being home and consider all contributing factors including your earnings, fuel, insurance and additional vehicle costs. 3. Check local inventory Another benefit to shopping for your vehicle on the internet is the ability to look up local inventory prior to going to look in person. This can be accomplished by a variety of methods. Check out the local dealers Search by, for instance «Toyotas available near me» or look up websites such as Edmunds as well as TrueCar. This research will also help in because you’ll better grasp the price landscape for your dream car. 4. Chat with salespeople online. Negotiation can be one of the most intimidating aspects of car buying, but when you’re sitting in front of a computer screen it’s much simpler to haggle for the price you’re entitled to. Most of the online marketplaces you will encounter will offer chat. Make use of this feature to ask the right questions. Make sure to be firm and share information you found while checking local inventory about competing 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 due to a variety of elements: global pandemics inflation, global pandemic, supply chain issues and the rapid growth of technology. However, it’s important to remember that a refresh of the business is underway which is bringing greater transparency and accessibility to the buyer. So even though it is unlikely that car dealerships will completely disappear, think about shopping online to potentially save time and money.
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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 the car they want.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He believes in transparent reporting that allows readers to successfully land deals and make the best decisions for their financials. He is a specialist in auto and small business loans.
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