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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 choices by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and compare data for free and 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 deals that are advertised on this website are provided by companies that pay us. This compensation could affect how and where products are displayed on this site, including for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home lending products. However, this compensation will not influence the information we provide, or the reviews you see on this site. We do not contain the entire universe of businesses or financial deals that could be open to you.

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5 minutes read. Published 26 January 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 with the ways and pitfalls of taking out loans to buy the car they want.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He is a fan of clear reporting that helps readers successfully get deals and make best choices for their finances. He specializes in small and auto loans.

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Cars are the second largest purchase most people make in their lives. It is typically a unpleasant experience that was accompanied by and at the dealer lot. But following the new normal that the pandemic has brought, many dealerships are now embracing this and making it easier to purchase experience. The buying of cars in 2023 is a hazard and supply chain issues keeping prices high. As consumers, it is important to use the shifting purchasing process of cars in your favor. Take note of the ways car buying may look different over the coming year to both the driver and the seller. What can you expect when buying an automobile this year. As we get closer to 2023, it’s hard to ignore news of the possibility of a recession. Economists believe the economy has a 64 percent likelihood of entering recession in the coming year, according to. While the probability of a recession is not directly linked to the buyer’s experience on the car showroom, high prices at the dealer could cause an additional annoyance when buying your next vehicle. December was the month that saw yet another record-high average transaction price for new vehicles at $49,507 according to . But the future is not all doom and gloom since dealers are taking note of the changing macro-environmental conditions. Bankrate interviewed Dave Thomas, director of content marketing and an automotive sector analyst with CDK Global, for insight on upcoming trends this year. Vehicle price remains paramount If you’re shopping for a vehicle for this coming year, you — like 47 percent of buyers according to the might consider price to be your most important consideration. The time commitment for buying a car is an important consideration for the remaining half of consumers surveyed, price is most important. This year could be a bit of a roller coaster ride for motorists, says Thomas. “For shoppers, the focus will be about those interest rates and how to locate the one that is within their budget,” Thomas explains. The fact that this “could make the process more difficult than it has been with the lower inventory.” When you shop, consider multiple financing options to ensure you sign off on the best bargain, even with higher costs and higher interest rates. Bankrate tip

When , consider the whole of what you’ll need to cover and not just the monthly costs.

The inventory is low. When customers head out to a dealership they are aware of the type of vehicle they’d like to buy. However, many buyers have discovered showrooms empty of the dream cars they’ve always wanted. During CDK’s six-month , “the number of shoppers finding the vehicle they are looking for available has not exceeded 50,” says Thomas. In addition inventory is decreasing in comparison to the year prior. Although conditions are improving, inventory remains low as per J.D. Power. Low inventory has also led to an increase in drivers skipping the dealership altogether. “Some brands are experiencing inventories return, but all have a distinct number of vehicles are available,” Thomas says. This “led to an increase in consumers purchasing cars directly from the manufacturer, with the process being handled at the dealer.” There are more options for buying online will expand The typical car buying experience hasn’t had any major changes in the last few years, and customers have grown accustomed to the lengthy procedure of purchasing a brand new or used car from a dealer. This shift into online car buying is not a completely new idea. Lots of local dealers have had online marketplaces available for buyers to peruse inventory before arriving at the showroom. However, the online shopping experience has become much more in-depth recently. The break many drivers have taken from the car purchasing process due to the cost can also mean that they require more information when they shop. So while online shopping is increasing, Thomas explains that “76 percent of people we surveyed indicated that they were willing to spend time trying to learn about all their options” this is an increase from 67 percent in 2021, as per the survey for the year 2023 . If you’ve been one of those who did not get on the roads in the last year because of high prices, you can take comfort in the flexibility offered by this model. Dealerships will continue operating While the traditional dealer isn’t expected to be obsolete anytime soon, but it has seen shifts since the pandemic. A lot of drivers are benefiting from online shopping, especially when local dealers have empty showrooms. However, 91 percent of shoppers still took the traditional route when buying a car in the past year, as reported by the CDK survey. In addition, the 9 percent of motorists that did complete their car buying process fully online didn’t rate their experience very highly. In this light, it’s best not to overlook the hands-on experience that offers. But many dealerships are offering customers the most beneficial of worlds approach, with the option to go online first and then end in-store. Thomas explained this switch. A lot of automakers from the past are “streamlining the process of buying online and attempting to make the transition from doing part of the journey online into an effortless experience in the showroom.” Drivers benefit from the capability to crunch the figures from the comfort of their at home but still have a driving experience prior to signing the papers. There are four ways to utilize online car shopping to your advantage Online car shopping is new, and requires a bit of learning. Although some tips are into the category of traditional car shopping, consider these suggestions when you’re not on the showroom floor. 1. Research In person or not finding out is the first stage in the process of buying a car. Consider what factors matter to you most including the dimensions of the car as well as the fuel economy, and the style and color. Although you may not be able to tour your new ride in person, YouTube car tours are an excellent resource for seeing the particulars of what a car has to offer. 2. Make a budget. Once you’ve decide on the kind of car you want, it is crucial to determine the amount you’re willing to spend and . Finding this number takes more effort, but it’s simpler without the pressure of a salesperson hounding you. Enjoy your stay at there at home and take into account all the factors that affect you, such as your salary, fuel, insurance and additional vehicle costs. 3. Check local inventory Another advantage of shopping for your car on the internet is the ability to check local inventory before going to look in person. This can be accomplished by a variety of methods. Check out the local dealers Search such as “Toyotas available near me” or use websites like Edmunds or TrueCar. This research will also help in because you’ll better grasp the pricing landscape for your dream car. 4. Chat online with salespeople . Negotiation can be one of the most intimidating aspects of buying a car However, when you’re behind a computer screen it’s much easier to bargain for the price you’re worthy of. The majority of online marketplaces you will encounter will include a chat feature. Use this as a space to ask the appropriate questions. Make sure to be firm and share information you found when you look up local inventory for different prices. The bottom line is clear the car-buying experience has shifted both for the dealer and buyers over the last few due to a combination of factorsincluding global pandemics and inflation as well as supply chain issues, and the rapid growth of technological. However, it’s important to keep in mind that a change of the business is taking place and is providing increased accessibility and transparency to the buyer. Even though it’s 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 has a specialization in helping readers with the details of taking out loans to purchase an automobile.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He values the clarity of his reporting, which helps readers confidently land deals and make the best choices for their financial situation. He is a specialist in small business and auto loans.

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