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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 smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and when products appear on this website, for example such things as the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does affect the information we provide, or the reviews you see on this site. We do not include the vast array of companies or financial offerings that could be available to you.

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5 min read Published 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 ins and outs of securely taking out loans to purchase a car.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He believes in the clarity of his reporting, which helps readers confidently get deals and make best decisions for their financials. He is a specialist in auto and small business loans.

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They ensure that what we write will ensure that our content is reliable, honest and reliable. Our loans journalists and editors focus on the points consumers care about the most — the different types of lending options and the most competitive rates, the best lenders, how to pay off debt , and more — so you can feel confident when investing your money.

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Bankrate has a strict policy and rigorous policy, so you can rest assured that we’ll put your needs first. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial choices. The key principles We respect your confidence. Our mission is to provide our readers with accurate and unbiased information, and we have editorial standards in place to ensure this happens. Our reporters and editors rigorously check the accuracy of editorial content to ensure that the information you’re reading is true. We keep a barrier between advertisers as well as our editorial staff. Our editorial team doesn’t receive compensation directly by our advertising partners. Editorial Independence Bankrate’s team of editors writes for YOU – the reader. Our aim is to provide you the best information to assist you in making intelligent financial decisions for your personal finances. We follow the strictest guidelines in order to make sure that content isn’t affected by advertisements. Our editorial staff receives no any compensation directly from advertisers and our content is verified to guarantee its accuracy. Therefore, whether you’re reading an article or review, you’ll be able to trust that you’re receiving trustworthy and dependable information.

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Buying a car can be the second largest purchase most people make in their lifetime. Securing this high-ticket item was historically a painful experience filled with 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. Car buying in 2023 is fraught with supply chain problems that keep prices up. As consumers, it is crucial to utilize the changing car buying process in your favor. Consider the following ways that the buying process for cars could look different over the coming year for both the buyer as well as the vendor. What should you expect when purchasing the car of the year we approach 2023, it’s difficult to ignore news of a looming recession. The economic outlook is based on a 64 percent likelihood of entering a recession in the coming year, according to. While the probability of a recession isn’t directly linked to the buyer’s experience on the car showroom, high prices outside the dealership could mean more discomfort when you purchase your next car. December was the month that saw another record-breaking average purchase price for new vehicles, $49,507, according to . However, the future isn’t negative dealers have already noticed the erratic macro-environmental trends. Bankrate spoke with Dave Thomas, director of content marketing and an automotive market analyst for CDK Global, for insight on upcoming trends this year. Vehicle price remains paramount If you’re shopping for a vehicle in the coming year, then youlike 47 percent of buyers according to the may use price as your most important consideration. While the time commitment to purchase a car is an important consideration for the remaining half of consumers surveyed the most significant factor is price. This year is likely to be a bit of a roller coaster for drivers, says Thomas. “For buyers, the main focus is going to be on those interest rates and the best way to locate the one that is within their budget,” he explains. This “could cause the shopping process to be more difficult than it was before the reduced inventory.” When shopping, multiple financing options to ensure that you are getting the best deal even with higher costs and interest rates. Bankrate tip

If you are considering a purchase, think about the total of the amount you’ll have to pay , and not only the month-long cost.

Low inventory persists When most people head to a dealer they have an idea about the kind of car they’d like to buy. But many drivers have found no inventory of their dream car. During CDK’s six-month , “the number of shoppers finding the car they’re looking for in stock hasn’t broken 50 percent,” says Thomas. In addition inventory is decreasing when compared to 2019. Although conditions are improving, the supply is still below demand according to J.D. Power. The lack of inventory has also resulted in an increase of people who don’t go to the dealer altogether. “Some brands are experiencing inventories return, but all are unique in how many cars are on the lot,” Thomas says. This “led to an increase in consumers buying cars from the manufacturer, with the process being handled at the dealer.” The options to purchase online will expand The typical purchase of a car hasn’t received a major makeover in many years, and customers are used to the lengthy process of getting a new or used vehicle from a dealership. The shift to purchasing cars online isn’t a completely new idea. Many local dealerships have online marketplaces to customers who want to browse options prior to visiting the showroom. But the car buying experience has become more thorough in recent times. The time away that many motorists took from the car buying process due to high prices 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 said they wanted to spend time trying to fully understand their options” which is up from 67 percent in 2021, as per the survey for the year 2023 . If you’re one of the drivers that stuck to the sidelines during the last year because of the high cost, take comfort in the flexibility of this market. Dealerships will continue to operate. While the traditional dealer isn’t expected to be obsolete in the near future, it has seen shifts in its operations following the outbreak. A lot of drivers are using online ordering as well as when local dealerships are empty showrooms. Even so 91% of consumers still took the traditional route when purchasing a car during the last year, according to the CDK survey. In addition, those 9 percent of motorists that did complete the car purchase process completely online didn’t rate the satisfaction very high. In this light, it is wise not to miss the real-world experience you can get. But many dealerships are offering an ideal mix of approach with the option to start online and finish in-store. Thomas explained this change. Many of the automakers that have been around for decades are “streamlining the process online and trying to ease the transition from doing part of the journey online into an effortless experience 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 documents. There are four ways to utilize the internet to your advantage Online car buying is still relatively new and takes some time to master. While some tips are 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 first step to buying a car. Think about what aspects are important to you the most: The dimensions of the car and its fuel efficiency, or the style and color. Although you may not be able explore the new car personally, YouTube car tours are an excellent resource for seeing the specifics a vehicle offers. 2. Create a budget after you have determine 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 more straightforward without having a salesperson pressure you. Take advantage of being there at home and take into account the various factors that contribute to your decision including your earnings, fuel, insurance 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 going to look in person. This can be accomplished in a few ways. Check out specific dealers in your area Search by, for instance “Toyotas available near me” or search on websites such as Edmunds as well as TrueCar. This can also assist by helping you understand the market price for your dream car. 4. Chat with salespeople online. Negotiation is often one of the most daunting aspects of buying a car, but when you’re sitting behind a computer screen it’s much easier to haggle for the price you’re worthy of. Most of the online marketplaces you’ll come across will offer chat. Use this as a space 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 price options. The bottom line It’s clear the experience of buying a car has changed for both the dealer as well as buyers over the last few years because of a mix of factorsincluding global pandemic inflation, global pandemic as well as supply chain issues, and the rapid growth of technological. But it is important to keep in mind that a change of the business is taking place, and it is bringing more transparency and accessibility for the buyer. Even though it’s likely that car dealerships are going to disappear entirely, you should consider 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 is a specialist 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 since the end of 2022. He believes in the clarity of his reporting, which helps readers easily find deals and make the best choices for their finances. He is a specialist in small business and auto loans.

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