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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 decisions by offering you interactive financial calculators and tools that provide objective and unique content, by enabling you to conduct your own research and compare data for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that pay us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity, and other products for home loans. This compensation, however, does affect the information we publish, or the reviews you see on this site. We do not contain the vast array of companies or financial deals that may be available to you.



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5 min read Read on January 26, 2023.
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of taking out loans to purchase the car they want.







Editor: Helen Wilbers Edited by

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









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Buying a car can be the second most expensive purchase many consumers make in their lifetime. The process of securing this expensive item has historically been a somewhat difficult experience, involving a lot of stress and waiting at the dealership lot. However, with the change in normal the pandemic brought, a lot of dealerships are now embracing this and making it easier to purchase experience. Car buying in 2023 is a hazard supply chain problems that keep costs high. As consumers, it is important to use the shifting car buying process for your benefit. Consider the following ways that the car buying process could be different in the coming year to both the driver as well as the vendor. What can you expect when buying an automobile this year. As we move deeper into 2023, it is difficult to ignore news of a looming recession. Economic experts believe that the economy has 64 percent chance of entering a recession in the coming year, as reported. Although the likelihood of a recession is not directly related to a buyer's experience at the lot, the high cost of a car outside the dealership could mean an additional annoyance when buying your next vehicle. The month of December brought another record-breaking purchase price for new vehicles of $49,507 as reported by . But the future is not all gloom and doom, as dealers have noticed the erratic macro-environmental developments. Bankrate interviewed Dave Thomas, director of content marketing and automotive sector analyst with 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 in the coming year, then you- like 47 percent of buyers according to the could be using price as the main consideration. Although the commitment to time to purchase a car is a factor for the remaining 50% of respondents the most significant factor is price. This year is likely to be more of a roller coaster for drivers, Thomas says. Thomas. "For consumers, the primary concern is going to be on those interest rates and finding one that fits your budget" Thomas says. This "could create a bit harder than it was previously due to the reduced inventory." If you are shopping, make sure to consider numerous financing options are available to ensure you sign off on the best deal even with higher prices and higher interest rates. Tips from Bankrate
Consider the entire of what you'll need to pay -- not just the monthly cost.


Low inventory persists When most people head to a dealership they have an idea of the type of vehicle they want to purchase. But many drivers have found no inventory of the dream cars they've always wanted. During CDK's six-month , "the number of shoppers finding the car they want in stock has not broken 50 percent," says Thomas. In addition, inventory is down compared to 2019. While conditions are improving, supply remains below demand as per J.D. Power. In addition, the lack of inventory has resulted in an increase of people who don't go to the dealer altogether. "Some brands are seeing inventory returning, but almost all are unique in how many cars are in stock," Thomas says. This "led to the increase in customers buying cars from the factory with the entire process 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 consumers have become accustomed to the drawn-out process of buying a new or used vehicle from a dealer. This move to purchasing cars online isn't a completely new idea. Many local dealerships have offered online marketplaces to customers who want to browse inventory before arriving at the dealership. 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 high prices is also a reason why many people require additional guidance when shopping. So while online shopping is increasing, Thomas explains that "76 percent of people we surveyed stated that they would like to spend time trying to learn about all the options available," which is up from 70 percent in 2021 as per the survey for the year 2023 . If you're among the drivers that stuck to the sidelines in the past year because of the high cost you can take comfort in this flexibility. Dealerships will continue to operate. While the traditional dealer isn't expected to go out of business anytime soon, but it has seen shifts since the outbreak. Many motorists are making use of online shopping like or when local dealerships are empty areas. Yet, 91 percent of shoppers still took the traditional route to purchase a car over the past year, according to the CDK survey. In addition, nine percent of motorists who completed their car buying experience completely online didn't rate their experience highly. In this light, it is wise not to overlook the hands-on experience you can get. Many dealerships are providing an ideal mix of approach by allowing customers to go online first and then end in the store. Thomas explained this change. Many legacy automakers are "streamlining the online process and trying to ease the change from making part of the process online to seamless experience at the store." Drivers gain by being able to work the numbers from the comfort of home , but still enjoy the driving experience before signing the paperwork. Four ways to make use of online car shopping to your advantage. Online car shopping is new and will require some learning. While some tips are within the realm of the traditional approach to car purchasing, consider these tips when skipping the showroom. 1. Conducting research in person or online, researching to find the most relevant information is the first stage in the process of buying a car. Consider what factors are most important to you including the dimensions of the car and its fuel efficiency, or the design and color. Although you may not be able explore your new ride personally, YouTube car tours are a great resource to see the particulars of what a vehicle offers. 2. Create a budget after you have set your sights on the type of vehicle you want, it is crucial to determine the amount you're willing to spend and . Finding this number takes more effort, but it's easier without a salesperson pressuring you. Enjoy your stay at home and consider all the factors that affect you, such as your salary or salary, your fuel costs, insurance, and other vehicle expenses. 3. Check local inventory Another advantage when shopping for your car online is the option to verify local inventory prior to making a visit to the dealership. It can be done by using a variety of ways. Look at the local dealers Search, for example "Toyotas that are sold close to me" or look up websites such as Edmunds or TrueCar. This research will also help in because you'll better grasp the market price for the car you want to buy. 4. Chat with salespeople online. Negotiation is among the most intimidating aspects of car buying However, when you're in front of a computer screen, it is much easier to bargain for the price you're entitled to. Most of the online marketplaces that you come across will offer chat. Use it as a platform to ask the appropriate questions. Make sure to be firm and provide information in your research of local inventory to determine competing prices. The bottom line It's clear the car-buying experience has shifted for both the dealer and the buyer over the past few years because of a mix of factors: Global pandemic and inflation as well as supply chain issues, and the rapid growth of technological. But it is important to be aware that a re-design in the industry is taking place, and it is bringing more transparency and accessibility for 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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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of borrowing money to purchase the car they want.



Edited by Helen Wilbers Edited by

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











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