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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 decisions by providing you with interactive tools and financial calculators that provide objective and unique content. We also allow users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers such as, 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 who pay us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law. This applies to our loan products, such as mortgages and home equity and other products for home loans. However, this compensation will not influence the information we provide, or the reviews that you read on this site. We do not include the entire universe of businesses or financial offers that may be accessible to you.



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5 minutes 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 has a specialization in helping readers with the ins and outs of securely using loans to buy a car.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He values transparent reporting that allows readers to confidently find deals and make the best choices for their finances. He is a specialist in small and auto loans.









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Cars are the second most expensive purchase many consumers make in their lifetime. The process of securing this expensive item has historically been a somewhat painful experience filled with and on the dealer lot. In the wake of the new norm the pandemic brought, many dealers are taking on the challenge of making it easier to purchase experience. Car buying in 2023 is fraught with supply chain problems that keep costs at a high level. As consumers, it is essential to make use of the shift in the purchasing process of cars to your advantage. Think about the following ways car buying may look different in the next year to both the driver or the buyer. What can you expect when buying the car of the year we get closer to 2023, it's hard to ignore news of the possibility of a recession. The economic outlook is based on an 85% chance of entering recession this year, according to. Although the likelihood of a recession isn't directly related to a buyer's experience on the car lot, expensive prices at the dealer could cause more discomfort when you purchase your next vehicle. The month of December saw yet another record-high average purchase price for new vehicles at $49,507 according to . But the future is not all doom and gloom dealers have already noticed the erratic macro-environmental trends. Bankrate spoke with Dave Thomas, director of content marketing as well as an automotive market analyst for CDK Global, for insight about the trends that are expected to emerge this year. Price is still the most important factor when you're shopping for a vehicle for this coming year, you -as 47 percent of buyers as per the may use price as your most important consideration. The time commitment for buying a car is a consideration for the remaining 50% of respondents and buyers, price is the primary consideration. This year might be a more tumultuous roller coaster for drivers, says Thomas. "For shoppers, the focus is going to be on those interest rates and finding one that fits your budget" Thomas says. It "could cause the shopping process to be more difficult than it was before the fewer options." When you shop, consider numerous financing options are available to ensure that you get the best deal even with higher costs and higher interest rates. Tips from Bankrate
If you are considering a purchase, think about the total of what you will have to pay , not just the monthly expense.


The inventory is low. When people head to a dealer they have an idea of the type of vehicle they want to purchase. But many drivers have found no inventory of their dream vehicles. In the CDK's six-month period , "the number of shoppers finding the car they're looking for in stock hasn't broken 50 percent," says Thomas. Additionally inventory is decreasing when compared to 2019. Although conditions are improving, inventory remains low according to J.D. Power. In addition, the lack of inventory has caused an increase in drivers skipping the dealership altogether. "Some brands are seeing inventory returning, but most are different in the number of vehicles are available," Thomas says. This "led to an increase in consumers ordering vehicles cars from the manufacturer, with the entire process handled at the dealer." Options to buy online will increase. The traditional car purchasing experience hasn't seen a major makeover in many years and people have become accustomed to the long-winded process of getting a new or used car from a dealership. The shift to purchasing cars online isn't something that's completely new. A lot of local dealers have offered online marketplaces for buyers to peruse their inventory prior to arriving on the showroom. However, the online shopping experience has become more in-depth recently. The break that many drivers took from the car buying process due to the cost can also mean that they require more guidance when shopping. So while online shopping is growing, Thomas explains that "76 percent of people we surveyed indicated that they were willing to take time to understand all of their options," which is up from 70 percent in 2021 as per the survey for the year 2023 . If you're one of the motorists who remained on the sidelines during the last year due to the steep cost you can take comfort in the flexibility of this market. Dealerships will continue to operate. While the traditional dealer isn't expected to disappear anytime soon, it has experienced shifts following the pandemic. Many motorists are taking advantage of online ordering as well as when local dealers have empty lots. Even so the majority of buyers used the traditional method when purchasing a car during the past year, according to the CDK survey. More interestingly, nine percent of motorists that did complete their car buying experience completely online didn't rate their satisfaction very high. In this light, it's best not to ignore the personal experience that offers. However, many dealerships offer customers the most beneficial of worlds approach by allowing customers to start online and finish in-store. Thomas explained this change. Many legacy automakers 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 capability to crunch the numbers at the convenience of at home, yet still have a driving experience before signing the paperwork. There are four ways to utilize the internet to your advantage. Online car buying is still relatively new and requires a bit of learning. While some advice falls into the category of traditional car shopping, consider these guidelines when you're avoiding the showroom. 1. If you are able to research in person, or not, researching to find the most relevant information is the first stage in the process of buying a car. Think about what aspects are most important to you: The size of the vehicle, fuel economy or even the design and color. Although you may not be able to explore your new vehicle on the road, YouTube car tours are an excellent resource for seeing the specifics a vehicle can offer. 2. Create a budget after you have set your sights on the type of vehicle that you want, it is important to figure out the amount you're willing to spend and . This requires extra effort but is simpler without the pressure of a salesperson hounding you. Enjoy your stay at there at home and take into account the various factors that contribute to your decision like your income or salary, your fuel costs, insurance, and additional vehicle costs. 3. Check local inventory Another benefit when shopping for your car online is the option to verify local inventory prior to making a visit to the dealership. This can be done by a variety of methods. Look at the local dealers -- search such as "Toyotas sold close to me" or look up websites such as Edmunds or TrueCar. This can also assist in understanding the market price for the car you want to buy. 4. Chat online with salespeople . Negotiation is often one of the most daunting elements of the car-buying experience however, when you're behind a computer it's much easier to negotiate the price you're worthy of. Most of the online marketplaces that you come across will include a chat feature. Make use of this feature 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 pricing options. The bottom line It's clear the experience of buying a car has changed for both the dealer and the consumer over the last few due to a combination of factors: Global pandemic inflation, global pandemic problems, supply chain challenges and the advancement of technological. It is crucial to keep in mind that a change of the business is taking place, and it is bringing greater transparency and accessibility to the buyer. Even though it's likely that car dealerships will disappear completely, consider 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 a car.



Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He values transparent reporting that allows readers to successfully get deals and make best decisions for their financials. He is a specialist in small business and auto loans.











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