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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 interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has agreements 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 site come from companies that compensate us. This compensation may impact how and where products are displayed on this website, for example the order in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews you see on this site. We do not include the entire universe of businesses or financial offerings that could be accessible to you.

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5 minutes read. Published 26 January 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 in navigating the ways and pitfalls of using loans to buy the car they want.

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 successfully find deals and make the best decisions for their financials. He specializes in small business and auto loans.

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The purchase of a car is the second-highest cost purchase most people make in their lifetime. It has historically been a somewhat painful experience filled with and at the dealership lot. But following the new 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 supply chain challenges that are keeping prices at a high level. As consumers, it’s essential to make use of the shift in the car buying process in your favor. Consider the following ways that buying a car could be different in the next year for both the buyer as well as the vendor. What can you expect when buying the car of the year we move deeper into 2023, it’s hard to avoid news of and a looming recession. The economic outlook is based on a 64 percent likelihood of entering a recession in the coming year, according to. While the prediction of a recession is not directly correlated with a customer’s experience on the lot, the high cost of a car outside the dealership could mean more discomfort when you purchase the next car. The month of December brought yet another record-high average cost for new cars at $49,507 according to . However, the future isn’t all gloom and doom since dealers have taken notice of the challenging macro-environmental trends. Bankrate spoke to Dave Thomas, director of content marketing and an automotive sector analyst with CDK Global, for insight about the trends that are expected to emerge this year. Price is still the most important factor when you’re in the market for a new car for this coming year, youas 47 percent of buyers according to the — could be using price as the main consideration. The time commitment to purchase a car is a consideration for the remaining 50% of respondents, price is most important. This year might be more of a roller coaster ride for motorists, according to Thomas. «For shoppers, the focus is going to be on those interest rates and how to find the best one for your budget» Thomas says. It «could create a bit harder than it was previously due to the lower inventory.» When shopping, numerous financing options are available to ensure you are getting the best deal, even when you pay higher rates and interest rates. Tips from Bankrate

When , consider the whole of the amount you’ll have to pay and in addition to the regular monthly expense.

Low inventory persists When most consumers set out to a dealership, they have some idea about the kind of vehicle they are interested in buying. But many have come across lots empty of their dream vehicles. In the CDK’s six-month period , «the number of shoppers finding the car they want available has not exceeded 50 percent,» says Thomas. Additionally inventory is lower when compared to the previous year. Although conditions are improving, supply remains below demand as per 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 almost all are unique in how many vehicles are available,» Thomas says. This «led to an increase in consumers purchasing cars directly from the factory with the transaction being handled by dealers.» There are more options for buying online will expand The typical car purchasing experience hasn’t seen a major makeover in many years, and consumers have grown accustomed to the drawn-out process of buying a new or used car from a dealer. This shift into online car buying is not a completely new idea. Lots of local dealers have had online marketplaces available to customers who want to browse their inventory prior to arriving on the showroom. However, the car buying experience has become more detailed in recent years. The break that many drivers had to take from the buying process due to the cost also means that many need more guidance when shopping. While online shopping is on the rise, Thomas explains that «76 percent of people we surveyed stated that they would like to spend time trying to learn about all the options available,» this is an increase from 67 percent in 2021, in accordance with the report for 2023 . If you’re one of those who did not get on the roads in the last year because of high prices, you can take comfort in this flexibility. Dealerships will continue operating While the traditional dealer isn’t expected to go out of business in the near future, it has seen shifts since the pandemic. Many motorists are taking advantage of online purchasing, particularly when local dealers have empty lots. Yet the majority of buyers used the traditional method when buying a car in the last year, as reported by the survey by CDK. More interestingly, the 9 percent of motorists who did complete their car buying process fully online didn’t rate their experience highly. In this light, it’s a good idea not to ignore the personal experience it offers. But many dealerships are offering the best of both worlds approach, with the option to begin online and then finish in-store. Thomas explained the change. A lot of automakers from the past are «streamlining the online process and are trying to facilitate the change from making part of the journey online into a seamless one in the car.» Drivers benefit from the capability to crunch the numbers at the convenience of home but still get behind-the-wheel experience before signing the paperwork. Four ways to make use of the internet to your advantage Online buying a car is new, and takes some time to master. Although some tips are in line with traditional car shopping, you should consider these guidelines when you’re avoiding the showroom floor. 1. If you are able to research in person, or not conducting research to discover the most relevant information is the first step to buying a car. Take note of the factors that matter to you most including the dimensions of the car as well as the fuel economy, and the style and color. While you might not be able explore the car you’ve purchased on the road, YouTube car tours are an excellent way to explore the particulars of what a car offers. 2. Create a budget after you have determine the kind of vehicle you want, it is essential to know how much you’re willing to spend and . This requires additional work but is much simpler without the pressure of a salesperson hounding you. Enjoy your stay at there at home and take into account all contributing factors like your income, fuel, insurance and other vehicle expenses. 3. Find local inventory Another benefit of shopping for your car on the internet is the ability to look up local inventory prior to going to look in person. This can be done in several ways. Find certain dealers in your region — search, for example «Toyotas available near me» or look up websites such as Edmunds as well as TrueCar. This can also assist in because you’ll better grasp the price landscape for your dream car. 4. Chat online with salespeople Negotiation can be one of the most daunting aspects of the car-buying experience However, when you’re in front of a computer screen it’s much simpler to haggle for the price you’re entitled to. 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 then share the information you have gathered when you look up local inventory for the various pricing options. The bottom line It’s clear the car-buying experience has shifted both for the dealer and buyers over the last few due to a combination of factorsincluding global pandemics inflation, global pandemic as well as supply chain issues, and the rapid growth of technological. But it is important to remember that a refresh of the business is taking place and is providing increased accessibility and transparency to the consumer. Even though it’s likely that car dealerships will completely disappear, think about shopping online to potentially save 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 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 values clear reporting that helps readers successfully get deals and make best choices for their finances. He specializes in small business and auto loans.

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