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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 tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation can affect the way and where products are displayed on the site, such as for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. However, this compensation will affect the information we publish, or the reviews you see on this site. We do not contain the entire universe of businesses or financial deals that could be open to you.



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5 min read Published 26 January 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 details of borrowing money to purchase an automobile.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of clear reporting that helps readers easily land deals and make the best decisions for their financials. He is a specialist in small and auto loans.









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Cars are the second largest purchase that people make during their lives. Securing this high-ticket item has historically been a somewhat unpleasant experience that was accompanied by and at the dealership lot. In the wake of the new norm the pandemic brought, a lot of dealers are embracing the and making it easier to purchase experience. Car buying in 2023 can be a challenge due to and supply chain problems that keep prices at a high level. As consumers, it's important to use the shifting purchasing process of cars in your favor. Consider the following ways that car buying may look different in the coming year, for both the car owner and the seller. What should you expect when purchasing an automobile this year. As we move deeper into 2023, it is difficult to ignore news of the possibility of a recession. The economic outlook is based on an 85% chance of entering a recession this year, found. While the prediction of a recession may not be directly correlated with a buyer's experience at the showroom, high prices in the absence of a dealership could result in an additional annoyance when buying your next car. The month of December brought another record-breaking average transaction price for new vehicles, $49,507, according to . However, the future isn't all doom and gloom since dealers have taken notice of the changing macro-environmental conditions. Bankrate interviewed Dave Thomas, director of content marketing and automotive sector analyst with CDK Global, for insight on upcoming trends this year. The price of a vehicle is still a major factor if you're looking to buy a car for this coming year, youlike 48 percent of buyers, according to the -- might consider price to be your main consideration. While the time commitment for buying a car is a factor for the remaining 50% of respondents, price is most important. This year could be more than a rollercoaster for motorists, according to Thomas. "For buyers, the main focus will be about those interest rates and finding one that fits your budget" Thomas explains. It "could cause the shopping process to be a bit harder than it has been with the reduced inventory." If you are shopping, make sure to consider you should consider a variety of financing options to make sure you sign off on the most affordable deal, even with higher costs and interest rates. Bankrate's tip
Consider the entire of what you'll need to pay and not just the monthly costs.


Low inventory persists When most people head to a dealership, they have some idea about the kind of vehicle they want to purchase. However, many buyers have discovered no inventory of the cars they'd like to purchase. In the CDK's six-month period , "the number of shoppers finding the car they want in stock hasn't broken 50 percent," says Thomas. In addition inventory is lower when compared to the previous year. Although conditions are improving, inventory remains low according to J.D. Power. Low inventory has also led to an increase in people who don't go to the dealer altogether. "Some brands are experiencing inventories returning, but most are unique in how many cars are on the lot," Thomas says. This "led to the increase in customers ordering vehicles cars from the factory with the entire process handled by dealers." The options to purchase online will increase. The traditional car purchasing experience hasn't seen any major changes in the last few years, and customers are used to the lengthy process of buying a new or used vehicle from a dealer. The shift to purchasing cars online isn't an entirely new concept. A lot of local dealers have online marketplaces for buyers to peruse options prior to visiting the dealership. However, the car buying experience has become much more detailed in recent years. The break many drivers took from the car buying process due to the cost can also mean that they require additional guidance when shopping. Therefore, even though online shopping is on the rise, Thomas explains that "76 percent of those we surveyed indicated that they were willing to take their time to fully understand their options" which is up from 70 percent in 2021 according to the 2023 . If you're one of the drivers that did not get on the roads in the last year because of steep prices, take comfort in this flexibility. Dealerships will continue to operate. While the traditional dealer isn't expected to be obsolete anytime soon, but it has experienced shifts following the pandemic. A lot of drivers are now taking advantage of online ordering like or when local dealers have empty showrooms. Even so, 91 percent of shoppers used the traditional method when buying a car in the last year, as reported by CDK's survey. In addition, the 9 percent of drivers who completed their car buying experience completely online didn't rate the experience highly. With this in mind, it's a good idea not to overlook the hands-on experience it offers. However, many dealerships offer an ideal mix of worlds approach with the option to start online and finish in the store. Thomas explained this switch. A lot of automakers from the past are "streamlining the process of buying online and are trying to facilitate the change from making part of the transaction online a seamless one in the store." Drivers are benefiting by being able to work the numbers from the comfort 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 shopping is new, and requires a bit of learning. While some advice falls into the category of the traditional approach to car purchasing, think about these guidelines when you're avoiding the showroom floor. 1. 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 such as the size of the vehicle as well as the fuel economy, and the style and color. Although you may not be able explore the new car on the road, YouTube car tours are an excellent resource for seeing the features a car can offer. 2. Set a budget After you decide on the kind of vehicle you'd like to purchase, it's important to figure out the amount you're willing to spend and . Finding this number takes additional work but is much more straightforward without having a salesperson pressure you. Take advantage of being home and consider all contributing factors, such as your salary as well as insurance, fuel and any additional costs for your vehicle. 3. Check local inventory Another benefit to shopping for your vehicle online is the option to check local inventory before going to look in person. This can be done by a variety of methods. Find the local dealers -- search by, for instance "Toyotas that are sold near me" or search on websites like Edmunds and TrueCar. This will also aid by helping you understand the price landscape for your dream car. 4. Chat with salespeople online. 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 simpler to haggle for the price you're worthy of. A majority of the marketplaces you'll come across will include a chat feature. Make use of this feature to ask the appropriate questions. Focus on being firm, and share information you found when you look up local inventory for the various price options. The bottom line It's clear the car-buying experience has shifted both for the dealer and the buyer over the past few due to a combination of factors: Global pandemic, inflation, supply chain issues and the advancement of technology. However, it's important to be aware that a re-design of the business is happening which is bringing increased accessibility and transparency to the buyer. Even though it's unlikely that car dealerships will disappear completely, consider purchasing online and saving both time and money.


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of using loans to buy a car.



Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He believes in clear reporting that helps readers confidently get deals and make most appropriate choices regarding their financial situation. He is a specialist in auto and small business loans.











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