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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 smarter financial decisions by offering you interactive financial calculators and tools that provide objective and unique content. This allows you to conduct research and compare data 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 Earn Money The deals that are displayed on this site come from companies that pay us. This compensation can affect the way and where products appear on this site, including such things as the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the content we publish or the reviews you see on this site. We do not cover the vast array of companies or financial offers that may 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 is a specialist in helping readers to navigate 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 the clarity of his reporting, which helps readers confidently find deals and make the most appropriate choices regarding their finances. He is a specialist in auto and small business loans.
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Cars are the second most expensive purchase most people make in their lives. Securing this high-ticket item has historically been a somewhat painful experience filled with and on the dealer lot. But following the new normal the pandemic brought, many dealers are taking on the challenge of providing a smoother buying experience. Car purchasing in 2023 can be a challenge due to and supply chain issues keeping prices high. As consumers, it is crucial to utilize the changing car buying process to your advantage. Consider the following ways that car buying may look 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 get closer to 2023, it is difficult to stay clear of news of the possibility of a recession. Economic experts believe that the economy has 64 percent chance of entering recession this year, found. While the probability of a recession is not directly related to a customer’s experience on the lot, the high cost of a car outside the dealership could mean more discomfort when you purchase your next car. The month of December brought yet another record-high average purchase price for new vehicles, $49,507, according to . However, the future isn’t all doom and gloom dealers have been aware of the challenging macro-environmental trends. Bankrate spoke with Dave Thomas, director of content marketing as well as an automotive market analyst for CDK Global, for insight about the trends that are expected to emerge this year. Vehicle price remains paramount If you’re shopping for a vehicle for this coming year, you -as 48 percent of buyers, as per the might consider price to be your main consideration. Although the commitment to time that comes with car buying is a consideration for the other 50% of respondents the most significant factor is price. This year is likely to be a bit of a rollercoaster for drivers Thomas says. Thomas. “For consumers, the primary concern is going to be on those interest rates and the best way to locate one that will fit the budget of theirs,” Thomas says. The fact that this “could create somewhat more challenging than it has been with the lower inventory.” When you shop, consider multiple financing options to ensure that you are getting the best deal, even with higher costs and interest rates. Tips from Bankrate
Consider the entire of what you will have to pay , more than just your monthly cost.
In the event that people head to a dealer, they have some idea of the type of vehicle they are interested in buying. But many drivers have found showrooms empty of their dream car. Over the course of CDK’s six months , “the number of shoppers finding the car they want available has not exceeded 50,” says Thomas. Additionally inventory is decreasing in comparison to the year prior. While conditions are improving, the supply is still below demand, according to J.D. Power. Low inventory has also resulted in an increase of customers who do not visit the dealership at all. “Some brands are experiencing inventories returning, but most are unique in how many vehicles are available,” Thomas says. This “led to the increase in customers buying cars from the manufacturer, with the entire process handled at the dealer.” There are more options for buying online are growing. The standard purchase of a car hasn’t received a major makeover in many years, and customers have become accustomed to the drawn-out procedure of purchasing a brand new or used vehicle from a dealership. This shift into the purchase of cars online isn’t something that’s completely new. Lots of local dealers have offered online marketplaces for buyers to peruse inventory before arriving at the dealership. But the online car shopping experience has become much more detailed in recent years. The break that many drivers had to take from the buying process because of the high cost is also a reason why many people require more guidance when shopping. So while online shopping is on the rise, Thomas explains that “76 percent of people we surveyed stated that they would like to take their time to fully understand their options” which is up from the 67 percent of 2021 as per the survey for the year 2023 . If you’re among those who remained on the sidelines over the past year due to the steep cost be assured of the flexibility of this market. Dealerships will remain in operation. the traditional dealer isn’t expected to disappear anytime soon, it has seen shifts since the outbreak. Many motorists are taking advantage of online ordering as well as when local dealerships are empty areas. Even so the majority of buyers used the traditional method when buying a car in the last year, as per CDK’s survey. It is also interesting to note that nine percent of buyers that did complete their car buying process fully online did not score the experience highly. This is why it’s a good idea not to ignore the personal experience it offers. However, many dealerships offer an ideal mix of worlds approach, with the option to start online and finish at the location. Thomas explained the switch. A lot of automakers from the past are “streamlining the online process and trying to make the switch from doing a portion of the journey online into seamless experience at the showroom.” Drivers are benefiting by being able to work the numbers at the convenience of home but still get behind-the-wheel 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 takes some time to master. Although some of the advice is into the category of conventional car buying, consider these guidelines when you’re avoiding the showroom floor. 1. Conducting research in person or online finding out is the first step to buying a car. Consider what factors are most important to you: The size of the vehicle as well as the fuel efficiency or the style and color. Although you might not be able to tour the new car on the road, YouTube car tours are an excellent way to explore the specifics a vehicle can offer. 2. Create a budget after you have set your sights on the type of vehicle that you’d like to purchase, it’s essential to know the amount you’re willing to spend and . This requires extra effort but is more straightforward without having a salesperson pressure you. Take advantage of being home and consider the various factors that contribute to your decision like your income, fuel, insurance and additional vehicle costs. 3. Check local inventory Another benefit to shopping for your vehicle online is the possibility to look up local inventory prior to going to look in person. This can be done in a few ways. Look at certain dealers in your region and search for such as “Toyotas available near me” or search on websites such as Edmunds or TrueCar. This can also assist in because you’ll better grasp the pricing landscape for the vehicle you’ve always wanted. 4. Chat online with salespeople Negotiation can be one of the most daunting aspects of buying a car, but when you’re sitting in front of a computer screen, it is much easier to bargain for the price you’re worthy of. A majority of online marketplaces you’ll come across will include a chat feature. Make use of this feature to ask the appropriate questions. Make sure to be firm and share information you found in your research of local inventory to determine different prices. The bottom line is that the car-buying experience has shifted for both the seller and buyers over the last few years because of a mix of factors: Global pandemic and inflation as well as supply chain issues, and the rapid growth of technology. But it is important to keep in mind that a change in the industry is taking place which 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 shopping online to potentially save time and money.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of taking out loans to purchase the car they want.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He values transparent reporting that allows readers to successfully get deals and make best decisions for their financials. He specializes in auto and small business loans.
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