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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 smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare information for free - so that you can 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 products that are featured on this site are from companies that pay us. This compensation can affect the way and when products are featured on this site, including the sequence in which they be displayed within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. This compensation, however, does not influence the content we publish or the reviews you read on this site. We do not contain the entire universe of businesses or financial deals that could be available to you.



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5 min read Read Published January 26, 2023
Authored 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 using loans to buy a car.







Edited by Helen Wilbers Edited by

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









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Buying a car can be the second-highest cost purchase many consumers make in their lifetime. The process of securing this expensive item has historically been a somewhat painful experience filled with and on the lot of the dealership. However, with the change in normal the pandemic brought, a lot of dealers are embracing the and creating a more seamless buying experience. The car buying process in 2023 can be a challenge due to and supply chain problems that keep costs up. As consumers, it's important to use the shifting purchasing process of cars in your favor. Consider the following ways that the buying process for cars could look different in the next year for both the buyer as well as the vendor. What should you expect when purchasing the car of the year we move deeper into 2023, it's difficult to stay clear of news of a looming recession. Economic experts believe that the economy has 64 percent chance of entering recession this year, found. Although the likelihood of a recession is not directly related to a buyer's experience on the car showroom, high prices in the absence of a dealership could result in additional discomfort when purchasing your next vehicle. The month of December brought another record-breaking average cost for new cars of $49,507 as reported by . But the future is not all gloom and doom, as dealers are taking note of the changing macro-environmental conditions. Bankrate spoke to Dave Thomas, director of content marketing as well as an automotive industry analyst at CDK Global, for insight on upcoming trends this year. Price is still the most important factor when you're in the market for a new car this year, you -as the majority of buyers, as per the may use price as your main consideration. Although the commitment to time that comes with car buying is a consideration for the other 50% of respondents and buyers, price is the primary consideration. This year might be more of a roller coaster for drivers, says Thomas. "For shoppers, the focus will be about those interest rates and how to find the best one for the budget of theirs," he explains. This "could make the process more difficult than it was before the lower inventory." When you shop, consider numerous financing options are available to ensure that you get the best bargain, even if it comes with higher prices and interest rates. Tips from Bankrate
When , consider the whole of what you'll need to pay and in addition to the regular monthly costs.


In the event that consumers set out to a dealer they are aware of the type of vehicle they want to purchase. But many have come across no inventory of their dream vehicles. In the six months of CDK , "the number of shoppers finding the car they're looking for in stock has not broken 50 percent," says Thomas. Even more inventory is lower in comparison to the year prior. Even though conditions are improving inventory remains low as per J.D. Power. The lack of inventory has also resulted in an increase of people who don't go to the dealer altogether. "Some brands are seeing inventories returning, but almost all are unique in how many vehicles are in stock," Thomas says. This "led to the increase in customers purchasing cars directly from the factory with the transaction being handled by dealers." There are more options for buying online are growing. The standard purchase of a car hasn't received an overhaul in many years and people have grown accustomed to the lengthy procedure of purchasing a brand new or used vehicle from a dealer. This shift into purchasing cars online isn't a completely new idea. A lot of local dealers have had online marketplaces available to customers who want to browse their inventory prior to arriving on the lot. However, the car buying 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 also means that many need more information when they shop. While online shopping is increasing, Thomas explains that "76 percent of the people we interviewed indicated that they were willing to take their time to understand all of their options" which is up from 67 percent in 2021, as per the survey for the year 2023 . If you've been one of the motorists who were forced to stay off the road for the last year because of steep prices, take comfort in the flexibility of this market. Dealerships will continue to operate. While the traditional dealership isn't going to be obsolete in the near future, it has seen shifts since the pandemic. Many motorists are taking advantage of online ordering like or the time local dealers are unable to fill their areas. Yet 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, 9 percent of those who did complete their car buying experience completely online did not score the experience highly. With this in mind, it's best not to miss the real-world experience that offers. Many dealerships offer the best of both worlds approach, with the option to begin online and then finish at the location. Thomas explained the switch. Many legacy automakers are "streamlining the online process and are trying to facilitate the transition from doing part of the transaction online a seamless one in the car." Drivers gain from the ability to crunch the numbers from the comfort of home but still get behind-the-wheel experience before signing the documents. 4 ways to use the internet to your advantage Online buying a car is new, and it takes some time to master. While some advice falls within the realm of traditional car shopping, you should consider these suggestions when you're not on the showroom. 1. If you are able to research in person, or not, researching to find is the first step to buying a car. Consider what factors are important to you the most including the dimensions of the car and its fuel efficiency, or the design and color. While you might not be able to tour the car you've purchased personally, YouTube car tours are an excellent way to explore the specifics a vehicle has to offer. 2. Make a budget. Once you've determine the type of vehicle that you'd like, it's important to figure out how much you're willing to spend and . This will require some extra effort but is more straightforward without having a salesperson pressure you. Take advantage of being in your home and think about the various factors that contribute to your decision like your income, fuel, insurance and any additional costs for your vehicle. 3. Check local inventory Another advantage to shopping for your vehicle on the internet is the ability to verify local inventory prior to going to look in person. This can be done by a variety of methods. Check out specific dealers in your area and search for such as "Toyotas available near me" or look up websites such as Edmunds or TrueCar. This can also assist in because you'll better grasp the market price for your dream car. 4. Chat with salespeople online. Negotiation can be one of the most stressful aspects of the car-buying experience, but when you're sitting in front of a computer screen it's much easier to negotiate the price you're entitled to. The majority of online marketplaces you will encounter will offer chat options. Use this as a space to ask the appropriate questions. Focus on being firm, and share information you found when you look up local inventory for competing pricing options. The bottom line is that the car-buying experience has shifted both for the dealer and buyers over the last few due to a combination of factors: Global pandemic, inflation as well as supply chain issues, and growing technological. But it is important to remember that a refresh in the market is underway and is providing greater transparency and accessibility to the consumer. Therefore, even though it's unlikely that car lots are going to disappear entirely, you should consider purchasing online and saving both money and time.


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of taking out loans to purchase the car they want.



Edited by 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 get deals and make best choices for their financial situation. He is a specialist in auto and small business loans.











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