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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 financial calculators and tools that provide objective and original content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted 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 could affect how and where products are displayed on this website, for example, for example, the sequence in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. But this compensation does not influence the content we publish or the reviews that appear on this website. We do not include the vast array of companies or financial offerings that could be available to you.
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5 min read Read Published 26 January 2023
Written 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 details of taking out 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 easily find deals and make the best decisions for their financials. He is a specialist in small business and auto loans.
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Buying a car can be the second most expensive purchase that people make during their lives. Securing this high-ticket item was historically a painful experience filled with and on the lot of the dealership. In the wake of the new norm that the pandemic has brought, many dealers are embracing the and creating a more seamless buying experience. The car buying process in 2023 is fraught with and supply chain issues keeping prices high. As consumers, it is important to use the shifting purchasing process of cars for your benefit. Think about the following ways the buying process for cars could look different in the next year to both the driver and the seller. What can you expect when buying a car this year As we get closer to 2023, it's hard to stay clear of news of an imminent recession. Economists believe the economy has a 64 percent likelihood of experiencing a recession this year, found. While the probability of a recession may not be directly related to a buyer's experience at the lot, the high cost of a car in the absence of a dealership could result in more discomfort when you purchase your next car. The month of December saw another record-breaking average cost for new cars, $49,507, according to . But the future is not negative as dealers have taken notice of the changing macro-environmental conditions. Bankrate interviewed Dave Thomas, director of content marketing and an automotive industry analyst at CDK Global, for insight about the trends that are expected to emerge this year. Price is still the most important factor when you're looking to buy a car this year, you -- like 48 percent of buyers, according to the -- could be using price as the most important consideration. The time commitment for buying a car is a consideration for the other half of surveyed consumers the most significant factor is price. This year is likely to be more than a rollercoaster for motorists, according to Thomas. "For buyers, the main focus will be about those interest rates and how to find one that fits the budget of theirs," he explains. The fact that this "could make the process somewhat more challenging than it has been with the reduced inventory." When shopping, multiple financing options to ensure that you get the best bargain, even if it comes when you pay higher rates and higher interest rates. Bankrate's tip
Consider the entire of what you will have to pay -- not just the monthly cost.
The inventory is low. When consumers set out to a dealership they have an idea of what kind of car they want to purchase. But many have come across lots empty of the dream cars they've always wanted. In the six months of CDK , "the number of shoppers finding the car they want available has not exceeded 50," says Thomas. Additionally inventory is lower when compared to the previous year. Even though conditions are improving the supply is still below demand according to J.D. Power. In addition, the lack of inventory has led to an increase in drivers skipping the dealership altogether. "Some brands are experiencing inventories returning, but almost all have a distinct number of vehicles are available," Thomas says. This "led to an increase in consumers buying cars from the factory with the entire process handled by the dealership." The options to purchase online are growing. The standard purchase of a car hasn't received an overhaul in many years, and consumers are used to the lengthy procedure of purchasing a brand new or used car from a dealership. The shift to the purchase of cars online isn't a completely new idea. Lots of local dealers have online marketplaces to customers who want to browse their inventory prior to arriving on the dealership. But the online car shopping experience has become much more in-depth recently. The break many drivers had to take from the buying process due to high prices is also a reason why many people require more guidance when shopping. Therefore, even though online shopping is increasing, Thomas explains that "76 percent of those we surveyed indicated that they were willing to take time to fully understand their options" this is an increase from the 67 percent of 2021 in accordance with the report for 2023 . If you've been one of those who did not get on the roads in the last year because of high prices, you can take comfort in the flexibility of this market. Dealerships will continue to operate. While the traditional dealership isn't going to disappear in the near future, it has experienced shifts following the outbreak. A lot of drivers are now taking advantage of online purchasing, particularly when local dealerships are empty areas. However 91% of consumers did not go through the traditional process when buying a car in the past year, according to the survey by CDK. More interestingly, the 9 percent of drivers that did complete the car purchase process completely online didn't rate their experience highly. In this light, it's a good idea not to miss the real-world experience you can get. However, many dealerships offer the best of both approach with the option to start online and finish in-store. Thomas explained the change. Many of the automakers that have been around for decades are "streamlining the online process and are trying to facilitate the transition from doing part of the process online to seamless experience at the store." Drivers benefit from the ability to crunch the numbers at the convenience of at home but still have a driving experience prior to signing the papers. 4 ways to use online car shopping to your advantage Online buying a car is new and will require some learning. Although some of the advice is within the realm of traditional car shopping, consider these tips when skipping the showroom. 1. If you are able to research in person, or not conducting research to discover is the first step to buying a car. Think about what aspects matter to you most such as 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 on the road, YouTube car tours are an excellent resource for seeing the specifics a vehicle offers. 2. Set a budget After you set your sights on the type of vehicle that you'd like, it's important to figure out what you're willing spend and . This requires additional work but is much more straightforward without having a salesperson pressure you. Make the most of your time at home and consider all the factors that affect you, such as your salary as well as insurance, fuel and other vehicle expenses. 3. Find local inventory Another benefit when shopping for your car on the internet is the ability to verify local inventory prior to making a visit to the dealership. This can be accomplished by a variety of methods. Check out certain dealers in your region -- search by, for instance "Toyotas sold close to me" or look up websites such as Edmunds or TrueCar. This will also aid by helping you understand the market price for the car you want to buy. 4. Chat online with salespeople Negotiation can be one of the most stressful aspects of buying a car, but when you're sitting behind a computer screen it's much simpler to bargain for the price you're worthy of. A majority of the marketplaces you will encounter will have a chat option. Make use of this feature to ask the appropriate questions. Make sure to be firm and provide information when you look up local inventory for the various pricing options. The bottom line It's clear the car-buying experience has shifted for both the dealer as well as buyers over the last few years because of a mix of factors: Global pandemics and inflation problems, supply chain challenges and the rapid growth of technological. However, it's important to be aware that a re-design of the business is underway which is bringing greater transparency and accessibility to the consumer. Therefore, even though it's likely that car dealerships will completely disappear, think about 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 is a specialist in helping readers in navigating the details of borrowing money to purchase an automobile.
Editor: 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 successfully find deals and make the most appropriate choices regarding their financial situation. He specializes in small business and auto loans.
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