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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 decisions by offering interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and compare information for free to help you 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 Make Money The products that are featured on this site are from companies that pay us. This compensation could affect how and where products appear on this site, including the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other home lending products. However, this compensation will have no impact on the content we publish or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be open to you.



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5 minutes read. Published 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 to navigate the ways and pitfalls of taking out 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 is a fan of transparent reporting that allows readers to easily find deals and make the most appropriate choices regarding their finances. He specializes in small and auto loans.









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Buying a car can be the second-highest cost purchase that people make during their lives. It was historically a unpleasant experience that was accompanied by and at the dealership lot. However, with the change in normal the pandemic brought, a lot of dealers are taking on the challenge of providing a smoother buying experience. The buying of cars in 2023 can be a challenge due to supply chain challenges that are keeping prices high. As consumers, it is essential to make use of the shift in the car buying process in your favor. Take note of the ways car buying may look different in the next year to both the driver as well as the vendor. What should you expect when purchasing the car of the year we get closer to 2023, it's hard to avoid news of and the possibility of a recession. Economists believe the economy has an 85% chance of entering a recession this year, found. While the probability of a recession is not directly linked to the customer's experience on the showroom, high prices in the absence of a dealership could result in additional discomfort when purchasing your next vehicle. The month of December saw yet another record-high average purchase price for new vehicles at $49,507 according to . But the future is not all doom and gloom since dealers have taken notice of the changing macro-environmental conditions. Bankrate interviewed Dave Thomas, director of content marketing and an automotive market analyst for CDK Global, for insight about the trends that are expected to emerge this year. Price is still the most important factor when you're shopping for a vehicle this year, youas 48 percent of buyers, as per the might consider price to be your most important consideration. The time commitment to purchase a car is a consideration for the other half of consumers surveyed, price is most important. This year is likely to be a bit than a rollercoaster for motorists, according to Thomas. "For consumers, the primary concern is going to be on those interest rates and how to locate the best one for your budget" he explains. The fact that this "could make the process more difficult than it has been with the fewer options." When shopping, multiple financing options to ensure you are getting the most favorable bargain, even with higher prices and higher interest rates. Tips from Bankrate
Consider the entire of what you will have to cover and more than just your monthly expense.


The inventory is low. When people head to a dealership they are aware about the kind of vehicle they are interested in buying. But many have come across lots empty of the dream cars they've always wanted. In the six months of CDK , "the number of shoppers finding the vehicle they are looking for available has not exceeded 50," says Thomas. In addition, inventory is down compared to 2019. Even though conditions are improving the supply is still below demand as per J.D. Power. The lack of inventory has also caused an increase in customers who do not visit the dealership at all. "Some brands are seeing inventory returning, but almost all have a distinct number of vehicles are available," Thomas says. This "led to an increase in people purchasing cars directly from the manufacturer, with the transaction being handled by the dealership." Options to buy online will expand The typical purchase of a car hasn't received a major makeover in many years and people have become accustomed to the lengthy process of getting a new or used vehicle from a dealership. The move to the purchase of cars online isn't an entirely new concept. A lot of local dealers have online marketplaces to customers who want to browse inventory before arriving at the lot. However, the online shopping experience has become more in-depth recently. The break that many drivers have taken from the car purchasing process due to the cost is also a reason why many people require more information when they shop. Therefore, even though online shopping is growing, Thomas explains that "76 percent of those we surveyed indicated that they were willing to take their time to fully understand the options available," this is an increase from 67 percent in 2021, in accordance with the report for 2023 . If you've been one of those who did not get on the roads in the past year due to high prices, you can take comfort in the flexibility of this market. Dealerships will continue to operate. While the traditional dealer isn't expected to disappear anytime soon, but it has experienced shifts following the pandemic. A lot of drivers are benefiting from online ordering like or when local dealerships are empty showrooms. However the majority of buyers still took the traditional route when buying a car in the last year, as reported by the survey by CDK. More interestingly, the 9 percent of motorists who completed their car buying process fully online did not score the experience highly. With this in mind, it is wise not to miss the real-world experience that offers. But many dealerships are offering an ideal mix of worlds approach with the option to start online and finish in-store. Thomas explained the change. Many of the automakers that have been around for decades are "streamlining the process online and are trying to facilitate the switch from doing a portion of the journey online into an effortless experience in the showroom." Drivers gain from the ability to crunch the numbers at the convenience of home , but still enjoy the driving experience prior to signing the papers. There are four ways to utilize the internet to your advantage. Online car shopping is new and will require some learning. Although some tips are within the realm of the traditional approach to car purchasing, think about these tips when skipping the showroom. 1. If you are able to research in person, or not 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 as well as the fuel economy, and the design and color. Although you may not be able to explore the car you've purchased on the road, YouTube car tours are an excellent way to explore the specifics a vehicle has to offer. 2. Set a budget After you set your sights on the kind of car you'd like to purchase, it's crucial to determine the amount you're willing to spend and . Finding this number takes extra effort but is easier without a salesperson pressuring you. Take advantage of being home and consider all contributing factors, such as your salary 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 verify local inventory prior to going to look in person. It can be done by a variety of methods. Look at specific dealers in your area -- search, for example "Toyotas available close to me" or search on websites like Edmunds or TrueCar. This research will also help in because you'll better grasp the price landscape for the car you want to buy. 4. Chat online with salespeople Negotiation can be among the most intimidating aspects of the car-buying experience, but when you're sitting in front of a computer it's much easier to negotiate the price you deserve. The majority of online marketplaces that you'll encounter include a chat feature. Use this as a space to ask the appropriate questions. Be firm, and provide information when you look up local inventory for competing pricing options. The bottom line It's clear the buying experience for cars has changed for both the dealer as well as the consumer 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. However, it's important to keep in mind that a change of the business is underway which is bringing more transparency and accessibility for the driver. Even though it's likely that car dealerships 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 in navigating 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 late 2022. He is a fan of transparent reporting that allows readers to easily find deals and make the best choices for their money. He is a specialist in small business and auto loans.











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