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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 better financial decisions by providing you with interactive tools and financial calculators as well as publishing objective and original content. This allows users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law for our loan products, such as mortgages and home equity and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not cover the vast array of companies or financial offerings that could be open 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 specializes in assisting readers with the ways and pitfalls of taking out loans to purchase an automobile.







Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He believes in transparent reporting that allows readers to confidently find deals and make the best choices for their finances. He specializes in small business and auto loans.









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The purchase of a car is the second-highest cost purchase many consumers make in their lives. The process of securing this expensive item has historically been a somewhat difficult experience, involving a lot of stress and waiting on the dealer lot. But following the new normal the pandemic brought, a lot of dealers are taking on the challenge of creating a more seamless buying experience. The car buying process in 2023 can be a challenge due to and supply chain issues keeping prices at a high level. As consumers, it is crucial to utilize the changing purchasing process of cars in your favor. Take note of the ways the car buying process could be different in the next year for both the buyer as well as the vendor. What can you expect when buying the car of the year we move deeper into 2023, it is difficult to stay clear of news of the possibility of a recession. Economists believe the economy has 64 percent chance of entering a recession in the coming year, according to. Although the likelihood of a recession is not directly related to a customer's experience on the lot, expensive prices in the absence of a dealership could result in additional discomfort when purchasing your next car. December was the month that saw another record-breaking purchase price for new vehicles of $49,507 as reported by . But the future is not negative dealers have already been aware of the challenging macro-environmental developments. Bankrate spoke with 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 in the market for a new car in the coming year, then you- like 47 percent of buyers according to the could be using price as the primary focus. While the time commitment to purchase a car is a factor for the other half of surveyed consumers the most significant factor is price. This year could be a bit of a rollercoaster for drivers, says Thomas. "For buyers, the main focus will be on rates of interest and the best way to locate one that will fit the budget of theirs," he explains. This "could make the process somewhat more challenging than it has been with the lower inventory." If you are shopping, make sure to consider numerous financing options are available to ensure that you are getting the best deal even with higher prices and higher interest rates. Bankrate's tip
If you are considering a purchase, think about the total of the amount you'll have to pay -- not just the monthly expense.


Low inventory persists When most customers head out to a dealership they are aware of what kind of car they'd like to buy. However, many buyers have discovered no inventory of their dream vehicles. During CDK's six-month , "the number of shoppers finding the vehicle they are looking for in stock has not broken 50 percent," says Thomas. Even more, inventory is down compared to 2019. Although conditions are improving, supply remains below demand, according to J.D. Power. In addition, the lack of inventory has resulted in an increase of customers who do not visit the dealership at all. "Some brands are seeing inventory returning, but most are different in the number of vehicles are available," Thomas says. This "led to the increase in customers purchasing cars directly from the factory , with the process being handled at the dealership." There are more options for buying online will expand The typical purchase of a car hasn't received an overhaul in the last few years, and consumers have become accustomed to the drawn-out process of buying a new or used vehicle from a dealer. The shift to online car buying is not an entirely new concept. A lot of local dealers have offered online marketplaces to customers who want to browse their inventory prior to arriving on the showroom. But the online car shopping experience has become more detailed in recent years. The break many drivers had to take from the buying process due to the cost also means that many need additional guidance when shopping. So while online shopping is on the rise, Thomas explains that "76 percent of people we surveyed indicated that they were willing to take their time to fully understand their options" this is an increase from the 67 percent of 2021 according to the 2023 . If you're one of the drivers that stuck to the sidelines in the past year due to the steep cost you can take comfort in the flexibility of this market. Dealerships will continue to operate. While the traditional dealership isn't going to go out of business anytime soon, it has experienced shifts following the pandemic. A lot of drivers are using online ordering similar to when local dealers have empty lots. Yet the majority of buyers still took the traditional route when purchasing a car during the past year, as per CDK's survey. In addition, the 9 percent of motorists who did complete the car purchase process completely online didn't rate the satisfaction very high. This is why it is wise not to ignore the personal experience you can get. However, many dealerships offer an ideal mix of worlds approach, with the option to go online first and then end at the location. Thomas explained this change. Many of the automakers that have been around for decades are "streamlining the online process and attempting to make the change from making part of the transaction online seamless experience at the store." Drivers benefit by being able to work the numbers at the convenience 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 buying is still relatively new, and requires a bit of learning. While some advice falls in line with the traditional approach to car purchasing, you should consider these guidelines when you're avoiding the showroom floor. 1. Conducting research in person or online conducting research to discover the most relevant information is the first step to buying a car. Think about what aspects are important to you the most: The size of the vehicle, fuel economy or even the style and color. While you might not be able explore your new vehicle personally, YouTube car tours are a great resource to see the particulars of what a vehicle can offer. 2. Set a budget After you set your sights on the type of vehicle that you're looking for, it's crucial to determine what you're willing spend and . This requires more effort, but it's more straightforward without having a salesperson pressure you. Make the most of your time at in your home and think about all contributing factors like your income or salary, your fuel costs, insurance, and any additional costs for your vehicle. 3. Find local inventory Another benefit to shopping for your vehicle online is the option to verify local inventory prior to visiting the store in person. This can be done by using a variety of ways. Find the local dealers and search for, for example "Toyotas that are sold near 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 with salespeople online. Negotiation is among the most daunting elements of the car-buying experience, but when you're sitting in front of a computer screen it's much easier to bargain for the price you're worthy of. The majority of online marketplaces you'll come across will have a chat option. Make use of this feature to ask the right questions. Focus on being firm, and share information you found when you look up local inventory for different price options. The bottom line is that the experience of buying a car has changed for both the seller and the consumer over the last few years due to a variety of elements: global pandemic and inflation, supply chain issues and the rapid growth of technology. It is crucial to keep in mind that a change in the market is underway and is providing increased accessibility and transparency to the driver. Therefore, even though it's unlikely that car lots are going to disappear entirely, you should consider buying online to save both 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 to navigate the details 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 believes in the clarity of his reporting, which helps readers successfully find deals and make the best choices for their finances. He specializes in small and auto loans.











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