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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, publishing original and objective content. This allows you to conduct research and compare data for free - so that you can 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 Earn Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on the site, such as, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home lending products. This compensation, however, does not influence the information we publish, or the reviews appear on this website. We do not include the vast array of companies or financial offerings that could be open to you.
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5 min read Published January 26, 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 borrowing money to purchase an automobile.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He believes in clear reporting that helps readers easily get deals and make most appropriate choices regarding their finances. He specializes in auto and small business loans.
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Cars are the second most expensive purchase that people make during their lives. It was historically a unpleasant experience that was accompanied by and on the dealer lot. However, with the change in normal the pandemic brought, many dealers are embracing the and creating a more seamless buying experience. Car purchasing in 2023 is a hazard and supply chain challenges that are keeping costs up. As consumers, it's essential to make use of the shift in the car buying process in your favor. Consider the following ways that the buying process for cars could look different over the coming year for both the buyer as well as the vendor. What to expect when buying a car this year As we approach 2023, it's difficult to avoid news of and the possibility of a recession. Economic experts believe that the economy has an 85% chance of entering a recession this year, as reported. Although the likelihood of a recession is not directly related to a customer's experience on the lot, expensive prices at the dealer could cause additional discomfort when purchasing your next vehicle. The month of December saw yet another record-high average cost for new cars of $49,507 as reported by . But the future is not negative dealers have already noticed the erratic macro-environmental trends. Bankrate interviewed Dave Thomas, director of content marketing as well as an automotive industry analyst at CDK Global, for insight on the upcoming trends for this year. Vehicle price remains paramount If you're shopping for a vehicle for this coming year, you -like 48 percent of buyers, as per the may use price as your primary focus. Although the commitment to time for buying a car is a factor for the remaining half of surveyed consumers, price is most important. This year might be a bit of a rollercoaster for drivers, Thomas says. Thomas. "For consumers, the primary concern will be about those rates of interest and finding one that fits your budget" Thomas explains. This "could create a bit harder than it was before the lower inventory." If you are shopping, make sure to consider you should consider a variety of financing options to make sure that you are getting the best deal, even with higher prices and higher interest rates. Bankrate tip
Consider the entire of what you'll need to pay , and not only the month-long expense.
The inventory is low. When people head to a dealer they have an idea of the type of vehicle they are interested in buying. But many drivers have found lots empty of their dream vehicles. Over the course of CDK's six months , "the number of shoppers finding the car they want available has not exceeded 50," says Thomas. In addition, inventory is down in comparison to the year prior. Even though conditions are improving inventory remains low, according to J.D. Power. In addition, the lack of inventory has led to 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 cars are in stock," Thomas says. This "led to an increase in people buying cars from the factory , with the process being handled at dealerships." There are more options for buying online are growing. The standard car purchasing experience hasn't seen an overhaul in the last few years, and customers are used to the lengthy process of getting a new or used car from a dealer. This move to purchasing cars online isn't an entirely new concept. Lots of local dealers have had online marketplaces available to customers who want to browse options prior to visiting the lot. However, the online shopping experience has become more in-depth recently. The time away that many motorists had to take from the buying process due to the cost can also mean that they require 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" this is an increase from 70 percent in 2021 in accordance with the report for 2023 . If you were one of the motorists who remained on the sidelines in the past year because of the high cost you can take comfort in the flexibility of this market. Dealerships will continue to operate. While the traditional dealership isn't going to go out of business anytime soon, but it has experienced shifts following the outbreak. Many drivers are making use of online shopping as well as when local dealers have empty showrooms. Even so the majority of buyers did not go through the traditional process when purchasing a car during the last year, according to CDK's survey. It is also interesting to note that those 9 percent of motorists that did complete their car buying experience completely online didn't rate the experience highly. In this light, it's a good idea not to overlook the hands-on experience it offers. But many dealerships are offering the best of both approach with the option to go online first and then end at the location. Thomas explained this change. A lot of automakers from the past are "streamlining the online process and attempting to make the switch from doing a portion of the process online to seamless experience at the showroom." Drivers are benefiting from the ability to crunch the figures from the comfort of their at home, yet still have a driving experience before signing the documents. Four ways to make use of online car shopping to your advantage Online car shopping is new and takes some time to master. Although some of the advice is in line with traditional car shopping, consider these suggestions when you're not on the showroom floor. 1. If you are able to research in person, or not, researching to find is the initial step to buying a car. Take note of the factors that are most important to you such as the size of the vehicle, fuel economy or even the style and color. Although you might not be able explore your new vehicle personally, YouTube car tours are a great resource to see the particulars of what a vehicle can offer. 2. Set a budget After you decide on the type of vehicle you're looking for, it's crucial to determine how much you're willing to spend and . This requires extra effort but is simpler without the pressure of a salesperson hounding you. Enjoy your stay at home and consider all the factors that affect you, such as your salary, fuel, insurance and additional vehicle costs. 3. Check local inventory Another benefit of shopping for your car on the internet is the ability to check local inventory before going to look in person. This can be accomplished in a few ways. Look at certain dealers in your region -- search by, for instance "Toyotas available near me" or look up websites such as Edmunds and TrueCar. This can also assist in because you'll better grasp the price landscape for the car you want to buy. 4. Chat online with salespeople . Negotiation is often one of the most daunting aspects of car buying However, when you're behind a computer screen it's much easier to bargain for the price you're entitled to. The majority of online marketplaces that you come across will offer chat. Use this as a space to ask the right questions. Make sure to be firm and then share the information you have gathered in your research of local inventory to determine different pricing 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 years because of a mix of factorsincluding global pandemics inflation, global pandemic as well as supply chain issues, and growing technology. It is crucial to keep in mind that a change in the market is taking place, and it is bringing increased accessibility and transparency to the buyer. Therefore, even though it's unlikely that car lots are going to disappear entirely, you should consider shopping online to potentially save time and money.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to purchase an automobile.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He values the clarity of his reporting, which helps readers easily land deals and make the most appropriate choices regarding their finances. He is a specialist in small and auto loans.
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