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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 choices by offering you interactive tools and financial calculators that provide objective and unique content, by enabling you to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies that pay us. This compensation may impact how and where products appear on the site, such as such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity, and other home loan products. This compensation, however, does not influence the content we publish or the reviews you read on this site. We do not contain the vast array of companies or financial offerings that could be accessible to you.



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5 min read Published 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 a car.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He values clear reporting that helps readers successfully find deals and make the best decisions for their financials. He specializes in small business and auto loans.









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The purchase of a car is the second largest purchase that people make during their lives. It is typically a painful experience filled with and at the dealership lot. In the wake of the new norm the pandemic brought, many dealerships are now embracing this and providing a smoother buying experience. Car buying in 2023 is fraught with supply chain problems that keep costs up. As consumers, it's important to use the shifting purchasing process of cars to your advantage. Consider the following ways that car buying may look different over the coming year for both the buyer as well as the vendor. What to expect when buying a car this year As we get closer to 2023, it's hard to stay clear of news of a looming recession. Economic experts believe that the economy has an 85% chance of entering recession this year, as reported. While the probability of a recession may not be directly correlated with a customer's experience on the lot, the high cost of a car in the absence of a dealership could result in additional discomfort when purchasing your next vehicle. December was the month that saw yet another record-high average purchase price for new vehicles at $49,507 according to . However, the future isn't all doom and gloom dealers have already taken notice of the challenging macro-environmental developments. Bankrate spoke with Dave Thomas, director of content marketing and an automotive sector analyst with CDK Global, for insight on the upcoming trends for this year. The price of a vehicle is the main consideration if you're looking to buy a car this year, youas 47 percent of buyers according to the might consider price to be your most important consideration. Although the commitment to time that comes with car buying is a factor for the remaining half of surveyed consumers and buyers, price is the primary consideration. This year could be more of a roller coaster for drivers, says Thomas. "For consumers, the primary concern will be on interest rates and finding one that fits the budget of theirs," Thomas explains. The fact that this "could create a bit harder than it was previously due to the reduced inventory." When you shop, consider multiple financing options to ensure that you are getting the most favorable deal, even when you pay higher prices and interest rates. Tips from Bankrate
When , consider the whole of what you will have to pay , more than just your monthly expense.


In the event that customers head out to a dealership they have an idea of what kind of car they are interested in buying. However, there are many drivers who have found showrooms empty of their dream car. Over the course of CDK's six months , "the number of shoppers finding the vehicle they are looking for in stock has not broken 50 percent," says Thomas. In addition inventory is lower compared to 2019. Even though 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 customers who do not visit the dealership at all. "Some brands are experiencing inventories returning, but almost all are different in the number of cars are on the lot," Thomas says. This "led to an increase in consumers purchasing cars directly from the factory , with the entire process handled at the dealership." Options to buy online are growing. The standard car buying experience hasn't had any major changes in recent years and people have become accustomed to the long-winded process of buying a new or used car from a dealership. The shift to purchasing cars online isn't something that's completely new. Lots of local dealers have had online marketplaces available for customers to look at their inventory prior to arriving on the dealership. However, the online shopping experience has become more thorough in recent times. The break that many drivers had to take from the buying process due to high prices can also mean that they require additional guidance when shopping. While online shopping is growing, Thomas explains that "76 percent of the people we interviewed stated that they would like to spend time trying to fully understand their options," which is up from 67 percent in 2021, according to the 2023 . If you were one of the drivers that stuck to the sidelines in the past year because of the high cost you can take comfort in the flexibility of this market. Dealerships will remain in operation. the traditional dealership isn't going to be obsolete in the near future, it has experienced shifts following the outbreak. A lot of drivers are making use of online shopping as well as when local dealers have empty showrooms. However 91% of consumers used the traditional method when buying a car in the past year, as per CDK's survey. In addition, nine percent of drivers that did complete their car buying process fully online didn't rate the experience highly. In this light, it's a good idea not to ignore the personal experience that offers. But many dealerships are offering the best of both worlds approach by allowing customers to begin online and then finish at the location. Thomas explained the switch. Many of the automakers that have been around for decades are "streamlining the process online and attempting to make the transition from doing part of the journey online into an effortless experience in the store." Drivers benefit by being able to work 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 will require some learning. While some advice falls within the realm of traditional car shopping, think about these guidelines when you're avoiding the showroom floor. 1. Research In person or not conducting research to discover the most relevant information is the first step in the car-buying process. Take note of the factors that are most important to you: The dimensions of the car and its fuel efficiency, or the design and color. Although you may not be able to explore your new vehicle in person, YouTube car tours are an excellent resource for seeing the features a car can 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 . This will require some more effort, but it's easier without a salesperson pressuring you. Enjoy your stay at there at home and take into account all contributing factors including your earnings as well as insurance, fuel and any additional costs for your vehicle. 3. Check local inventory Another advantage of shopping for your car online is the possibility to look up local inventory prior to making a visit to the dealership. It can be done by a variety of methods. Find specific dealers in your area and search for such as "Toyotas that are sold close to me" or search on websites such as Edmunds or TrueCar. This can also assist by helping you understand the price landscape for the vehicle you've always wanted. 4. Chat online with salespeople Negotiation is among the most daunting aspects of the car-buying experience, but when you're sitting behind a computer screen it's much easier to bargain for the price you deserve. The majority of online marketplaces that you come across will offer chat. Use it as a platform to ask the right questions. Make sure to be firm and then share the information you have gathered while checking local inventory about the various pricing options. The bottom line is clear the experience of buying a car has changed for both the seller and buyers over the last few due to a combination of elements: global pandemic and inflation as well as supply chain issues, and growing technology. It is crucial to be aware that a re-design of the business is happening and is providing greater transparency and accessibility to the driver. Even though it's unlikely that car lots will completely disappear, think about purchasing online and saving both money and time.


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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 to navigate the details of using loans to buy an automobile.



Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of 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 and auto loans.











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