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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 offering you interactive tools and financial calculators that provide objective and unique content. We also allow you to conduct research and compare information for free - so that you can 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 Make Money The offers that appear on this website are provided by companies that compensate us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they appear within the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will affect the information we publish, or the reviews that appear on this website. We do not include the vast array of companies or financial offerings that could be available to you.



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5 minutes read. Published January 26, 2023
Authored 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 using loans to buy a car.







Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of transparent reporting that allows readers to easily land deals and make the best choices for their finances. He specializes in small business and auto loans.









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Cars are the second-highest cost purchase many consumers make in their lifetime. The process of securing this expensive item was historically a difficult experience, involving a lot of stress and waiting on the lot of the dealership. However, with the change in normal the pandemic brought, many dealers are embracing the and creating a more seamless buying experience. Car buying in 2023 is fraught with supply chain problems that keep prices up. As consumers, it's essential to make use of the shift in the purchasing process of cars to your advantage. Take note of the ways car buying may look different in the coming year to both the driver or the buyer. What can you expect when buying an automobile this year. As we get closer to 2023, it is difficult to avoid news of and an imminent recession. Economists believe the economy has a 64 percent likelihood of entering recession this year, according to. While the probability of a recession may not be directly correlated with a buyer's experience at the showroom, high prices outside the dealership could mean additional discomfort when purchasing the next car. The month of December saw yet another record-high average purchase price for new vehicles at $49,507 according to . However, the future isn't negative dealers have already noticed the erratic macro-environmental changes. Bankrate spoke with Dave Thomas, director of content marketing and an automotive industry analyst at CDK Global, for insight on the upcoming trends for this year. Price is still the most important factor when you're looking to buy a car for this coming year, you -- like 47 percent of buyers according to the could be using price as the main consideration. While the time commitment for buying a car is an important consideration for the remaining 50% of respondents and buyers, price is the primary consideration. This year might be a bit of a rollercoaster for drivers Thomas says. Thomas. "For buyers, the main focus is going to be on those interest rates and finding the one that is within your budget" Thomas says. It "could make the process a bit harder than it has been with the reduced inventory." When shopping, multiple financing options to ensure that you get the most favorable deal, even with higher costs and interest rates. Tips from Bankrate
When , consider the whole of what you'll need to cover -- not just the monthly costs.


In the event that people head to a dealership they are aware of the type of vehicle they'd like to buy. However, there are many drivers who have found no inventory of the dream cars they've always wanted. Over the course of CDK's six months , "the number of shoppers finding the car they're looking for available has not exceeded 50 percent," says Thomas. Even more inventory is lower compared to 2019. Although conditions are improving, inventory remains low as per J.D. Power. In addition, the lack of inventory has caused an increase in customers who do not visit the dealership at all. "Some brands are seeing inventories 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 process being handled at the dealer." The options to purchase online are growing. The standard car purchasing experience hasn't seen a major makeover in many years and people have become accustomed to the lengthy process of buying a new or used car from a dealer. This move to the purchase of cars online isn't an entirely new concept. Many local dealerships have offered online marketplaces for customers to look at their inventory prior to arriving on the lot. But the online car shopping experience has become much more in-depth recently. The break many drivers have taken from the car purchasing process due to high prices also means that many need more guidance when shopping. Therefore, even though online shopping is on the rise, Thomas explains that "76 percent of those we surveyed stated that they would like to take time to learn about all the options available," this is an increase 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 due to the steep cost you can take comfort in this flexibility. Dealerships will remain in operation. traditional dealerships aren't likely to go out of business anytime soon, it has experienced shifts following the outbreak. Many 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 buying a car in the past year, as per CDK's survey. It is also interesting to note that the 9 percent of buyers who did complete their car buying process fully online did not score the experience very highly. In this light, it's best not to overlook the hands-on experience you can get. Many dealerships are providing customers the most beneficial of worlds approach with the option to start online and finish in the store. Thomas explained this switch. Many legacy automakers are "streamlining the process online and attempting to make the transition from doing part of the transaction online an effortless experience in the store." Drivers benefit from the capability to crunch the numbers from the comfort of at home, yet still have a driving experience before signing the documents. There are four ways to utilize online car shopping to your advantage. Online car shopping is new, and will require some learning. While some advice falls into the category of traditional car shopping, you should consider these tips when skipping the showroom floor. 1. Conducting research in person or online finding out is the initial stage in the process of buying a car. Take note of the factors that are most important to you including the dimensions of the car and its fuel efficiency, or the design and color. Although you might not be able to explore the new car on the road, YouTube car tours are an excellent resource for seeing the features a car has to offer. 2. Make a budget. Once you've set your sights on the type of vehicle that you're looking for, it's important to figure out the amount you're willing to spend and . This requires additional work but is much more straightforward without having a salesperson pressure you. Enjoy your stay at in your home and think about all contributing factors like your income as well as insurance, fuel and other vehicle expenses. 3. Check local inventory Another advantage of shopping for your car on the internet is the ability to look up local inventory prior to visiting the store in person. It can be done in a few ways. Look at specific dealers in your area -- search such as "Toyotas that are sold near me" or look up websites such as Edmunds as well as TrueCar. This can also assist by helping you understand the pricing landscape for the car you want to buy. 4. Chat online with salespeople . Negotiation is among the most daunting elements of the car-buying experience however, when you're behind a computer screen it's much easier to bargain for the price you're worthy of. A majority of online marketplaces you will encounter will offer chat. Use this as a space to ask the right questions. Be firm, and share information you found when you look up local inventory for competing prices. The bottom line It's clear the buying experience for cars has changed for both the dealer and buyers over the last few years due to a variety of factorsincluding global pandemics inflation, global pandemic as well as supply chain issues, and the rapid growth of technological. But it is important to remember that a refresh of the business is happening which is bringing greater transparency and accessibility to the driver. Even though it's unlikely that car dealerships will completely disappear, think about buying online to save both time and money.


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of 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 the clarity of his reporting, which helps readers successfully land deals and make the most appropriate choices regarding their finances. He is a specialist in small business and auto loans.











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