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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 aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct your own research and compare data at no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website are provided by companies that pay us. This compensation may impact how and when products are featured on the site, such as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage or home equity products, as well as other home lending products. However, this compensation will not influence the content we publish or the reviews that you see on this site. We do not include the universe of companies or financial deals that could be accessible 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 has a specialization in helping readers with the ins and outs of securely using loans to buy an automobile.







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 finances. He specializes in auto and small business loans.









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Buying a car can be the second largest purchase that people make during their lifetime. Securing this high-ticket item is typically a difficult experience, involving a lot of stress and waiting at 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 buying in 2023 is fraught with supply chain challenges that are keeping costs at a high level. As consumers, it is essential to make use of the shift in the car buying process in your favor. Think about the following ways buying a car could be different over the coming year for both the buyer as well as the vendor. What should you expect when purchasing a car this year As we approach 2023, it's hard to stay clear of news of an imminent recession. Economic experts believe that the economy has a 64 percent likelihood of experiencing a recession in the coming year, according to. While the probability of a recession is not directly correlated with a buyer's experience on the car lot, the high cost of a car at the dealer could cause an additional annoyance when buying your next car. December was the month that saw another record-breaking average purchase price for new vehicles of $49,507 as reported by . However, the future isn't all gloom and doom, as dealers have taken notice of the challenging macro-environmental trends. Bankrate spoke to Dave Thomas, director of content marketing as well as an automotive market analyst for CDK Global, for insight on the upcoming trends for this year. Vehicle price remains paramount If you're in the market for a new car this year, you- like 47 percent of buyers according to the may use price as your most important consideration. While the time commitment for buying a car is an important consideration for the other half of surveyed consumers the most significant factor is price. This year is likely to be more of a roller coaster ride for motorists, according to Thomas. "For buyers, the main focus will be about those interest rates and finding the one that is within their budget," Thomas explains. This "could create a bit harder than it was previously due to the fewer options." If you are shopping, make sure to consider you should consider a variety of financing options to make sure you are getting the most favorable deal, even with higher prices and interest rates. Tips from Bankrate
If you are considering a purchase, think about the total of what you will have to cover -- in addition to the regular monthly cost.


The inventory is low. When customers head out to a dealer they are aware of the type of vehicle they'd like to buy. But many drivers have found showrooms empty of the cars they'd like to purchase. During CDK's six-month , "the number of shoppers finding the car they're looking for in stock has not broken 50 percent," says Thomas. Additionally inventory is decreasing in comparison to the year prior. Although conditions are improving, supply remains below demand, according to J.D. Power. The lack of inventory has also led to an increase in customers who do not visit the dealership at all. "Some brands are seeing inventory return, but all are different in the number of cars are on the lot," Thomas says. This "led to an increase in people buying cars from the factory , with the process being handled at dealers." There are more options for buying online will expand The typical purchase of a car hasn't received an overhaul in many years and people have grown accustomed to the long-winded process of buying a new or used vehicle from a dealer. This shift into purchasing cars online isn't something that's completely new. Lots of local dealers have had online marketplaces available for buyers to peruse inventory before arriving at the dealership. But the online car shopping experience has become more detailed in recent years. The time away that many motorists had to take from the buying process because of the high cost can also mean that they require more information when they shop. So while online shopping is growing, Thomas explains that "76 percent of the people we interviewed stated that they would like to take time to understand all of the options available," this is an increase from 67 percent in 2021, in accordance with the report for 2023 . If you're one of the motorists who stuck to the sidelines over the past year due to the high cost of gas, rest assured in this flexibility. Dealerships will remain in operation. the traditional dealership isn't going to be obsolete anytime soon, it has experienced shifts following the pandemic. Many motorists are benefiting from online ordering like or when local dealerships are empty areas. Yet the majority of buyers still took the traditional route to purchase a car over the last year, as reported by CDK's survey. In addition, 9 percent of those who completed their car buying experience completely online did not score the satisfaction very high. This is why it's best not to ignore the personal experience that offers. Many dealerships offer customers the most beneficial of worlds approach by allowing customers to begin online and then finish at the location. Thomas explained this switch. Many legacy automakers are "streamlining the online process and trying to make the transition from doing part of the transaction online a seamless one in the car." Drivers are benefiting by being able to work the numbers at the convenience of at home but still have a driving experience before signing the documents. 4 ways to use the internet to your advantage Online car shopping is new and takes some time to master. Although some of the advice is into the category of the traditional approach to car purchasing, consider these suggestions when you're not on the showroom. 1. Conducting research in person or online conducting research to discover the most relevant information is the first stage in the process of buying a car. Think about what aspects are most important to you: The size of the vehicle, fuel economy or even the design and color. Although you may not be able explore the new car personally, YouTube car tours are an excellent way to explore the features a car offers. 2. Create a budget after you have decide on the type of vehicle that you'd like to purchase, it's essential to know the amount you're willing to spend and . Finding this number takes additional work but is much easier without a salesperson pressuring you. Take advantage of being in your home and think about the various factors that contribute to your decision including your earnings as well as insurance, fuel and additional vehicle costs. 3. Check local inventory Another benefit to shopping for your vehicle online is the option to verify local inventory prior to making a visit to the dealership. This can be done in a few ways. Look at specific dealers in your area -- search such as "Toyotas sold close to me" or search on websites like Edmunds and TrueCar. This will also aid in because you'll better grasp the price landscape for your dream car. 4. Chat with salespeople online. Negotiation can be among the most daunting aspects of the car-buying experience however, when you're behind a computer screen, it is much easier to haggle for the price you deserve. Most of the online marketplaces that you'll encounter include a chat feature. Make use of it as a place to ask the right questions. Focus on being firm, and share information you found while checking local inventory about different price options. The bottom line It's clear the buying experience for cars has changed for both the dealer and the buyer over the past few due to a combination of factors: Global pandemics, inflation problems, supply chain challenges and the advancement of technological. But it is important to be aware that a re-design in the market is underway which is bringing increased accessibility and transparency to the consumer. Therefore, even though it's unlikely that car dealerships will completely disappear, think about buying online to save both money and time.


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Authored 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 borrowing money to purchase a car.



Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of the clarity of his reporting, which helps readers easily land deals and make the best choices for their finances. He is a specialist in small and auto loans.











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