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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 offering you interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct research and compare information for free - so that you can 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 Earn money The products that appear on this website are provided by companies who pay us. This compensation may impact how and when products appear on the site, such as such things as the sequence in which they appear within the listing categories, except where prohibited by law. Our loans, mortgages, and other products for home loans. But this compensation does affect the information we provide, or the reviews you read on this site. We do not include the entire universe of businesses or financial offers that may be available to you.



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5 minutes read. published January 26, 2023
Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating 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 since the end of 2022. He believes in clear reporting that helps readers easily find deals and make the most appropriate choices regarding their finances. 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 lifetime. The process of securing this expensive item was historically a unpleasant experience that was accompanied by and at the dealership lot. But following the new normal that the pandemic has brought, many dealers are embracing the and making it easier to purchase experience. Car buying in 2023 is fraught with and supply chain issues keeping prices up. As consumers, it's essential to make use of the shift in the car buying process to your advantage. Think about the following ways the buying process for cars could look different in the next year, for both the car owner or the buyer. What can you expect when buying a car this year As we approach 2023, it's hard to stay clear of news of the possibility of a recession. Economic experts believe that the economy has an 85% chance of entering a recession in the coming year, found. Although the likelihood of a recession may not be directly correlated with a customer's experience on the showroom, high prices outside the dealership could mean additional discomfort when purchasing your next vehicle. The month of December saw another record-breaking average cost for new cars, $49,507, according to . But the future is not all doom and gloom dealers have already taken notice of the challenging macro-environmental changes. Bankrate interviewed Dave Thomas, director of content marketing and automotive industry analyst at CDK Global, for insight about the trends that are expected to emerge this year. Vehicle price remains paramount If you're looking to buy a car in the coming year, then you -as 48 percent of buyers, as per the could be using price as the main consideration. Although the commitment to time for buying a car is a consideration for the other 50% of respondents, price is most important. This year could be more of a roller coaster for drivers, says Thomas. "For consumers, the primary concern is going to be on those rates of interest and finding one that fits their budget," he explains. It "could make the process a bit harder than it was previously due to the reduced inventory." When you shop, 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 will have to pay , not just the monthly costs.


In the event that people head to a dealer they have an idea of the type of vehicle they want to purchase. However, there are many drivers who have found lots empty of their dream vehicles. During CDK's six-month , "the number of shoppers finding the car they want in stock has not broken 50 percent," says Thomas. Additionally inventory is lower in comparison to the year prior. While conditions are improving, supply remains 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 seeing inventory returning, but most are different in the number of cars are on the lot," Thomas says. This "led to an increase in consumers ordering vehicles cars from the factory with the transaction being handled by the dealership." The options to purchase online will increase. The traditional car buying experience hasn't had an overhaul in the last few years, and customers have become accustomed to the drawn-out process of buying a new or used car from a dealer. This shift into online car buying is not an entirely new concept. Many local dealerships have had online marketplaces available for customers to look at inventory before arriving at the showroom. However, the online shopping experience has become much more detailed in recent years. The break that many drivers have taken from the car purchasing process because of the high cost also means that many need more guidance when shopping. Therefore, even though online shopping is increasing, Thomas explains that "76 percent of people we surveyed indicated that they were willing to spend time trying to understand all of their options," which is up from 70 percent in 2021 as per the survey for the year 2023 . If you're among the motorists who remained on the sidelines over the past year due to steep prices you can take comfort in the flexibility of this market. Dealerships will continue operating While traditional dealerships aren't likely to go out of business anytime soon, but it has seen shifts since the outbreak. Many drivers are making use of online shopping like or when local dealers have empty showrooms. Even so, 91 percent of shoppers used the traditional method to purchase a car over the past year, according to CDK's survey. It is also interesting to note that the 9 percent of buyers that did complete their car buying process fully online didn't rate the experience highly. This is why it's best not to overlook the hands-on experience you can get. Many dealerships are providing the best of both approach by allowing customers to go online first and then end at the location. Thomas explained this 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 car." Drivers gain from the capability to crunch the figures from the comfort of their at home, yet still have a 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. Although some of the advice is in line with the traditional approach to car purchasing, think about these guidelines when you're avoiding the showroom. 1. Research In person or not finding out is the first step to buying a car. Take note of the factors that matter to you most including the size of the vehicle and its fuel efficiency, or the design and color. While you might not be able to explore your new vehicle on the road, YouTube car tours are a great resource to see the particulars of what a vehicle offers. 2. Make a budget. Once you've set your sights on the kind of car you want, it is crucial to determine how much you're willing to spend and . This requires more effort, but it's simpler without the pressure of a salesperson hounding 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 other vehicle expenses. 3. Check local inventory Another advantage of shopping for your car online is the option to check local inventory before making a visit to the dealership. It can be done in a few ways. Check out specific dealers in your area -- search such as "Toyotas sold close to me" or use websites like Edmunds as well as TrueCar. This can also assist in because you'll better grasp the price landscape for the car you want to buy. 4. Chat online with salespeople . Negotiation can be one of the most intimidating aspects of buying a car However, when you're behind a computer it's much easier to negotiate the price you're worthy of. Most of the online marketplaces that you come across will offer chat. Use this as a space to ask the right questions. Focus on being firm, and share information you found while checking local inventory about competing price options. The bottom line is clear the car-buying experience has shifted for both the dealer as well as the buyer over the past few years because of a mix of factorsincluding global pandemic and inflation, supply chain issues and the rapid growth of technological. It is crucial to be aware that a re-design of the business is taking place, and it is bringing more transparency and accessibility for the driver. So even though it is likely that car dealerships are going to disappear entirely, you should consider purchasing online and saving time and money.


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of using loans to buy the car they want.



Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in transparent reporting that allows readers to easily land deals and make the most appropriate choices regarding their finances. He is a specialist in small and auto loans.











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