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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 choices by providing you with interactive tools and financial calculators as well as publishing objective and original content. We also allow you to conduct your own research and compare data for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and when products appear on the site, such as such things as the order in which they may be displayed within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. But this compensation does not influence the information we publish, or the reviews appear on this website. We do not contain the vast array of companies or financial deals that may be accessible to you.



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5 min read Published January 26, 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 using loans to buy an automobile.







Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He values clear reporting that helps readers successfully land 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 largest purchase most people make in their lives. Securing this high-ticket item was historically a painful experience filled with and on the lot of the dealership. But following the new normal the pandemic brought, many dealers are taking on the challenge of providing a smoother buying experience. Car buying in 2023 is a hazard and supply chain issues keeping prices high. As consumers, it is crucial to utilize the changing car buying process for your benefit. Take note of the ways the buying process for cars could look different in the next year for both the buyer or the buyer. What to expect when buying the car of the year we move deeper into 2023, it's difficult to stay clear of news of an imminent recession. Economists believe the economy has 64 percent chance of entering recession this year, according to. Although the likelihood of a recession may not be directly correlated with 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 saw another record-breaking average cost for new cars of $49,507 as reported by . However, the future isn't negative dealers have been aware of the challenging macro-environmental changes. Bankrate spoke with Dave Thomas, director of content marketing and 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 for this coming year, youas 48 percent of buyers, as per the may use price as your primary focus. Although the commitment to time that comes with car buying is a factor for the remaining 50% of respondents the most significant factor is price. This year is likely to be a bit of a rollercoaster for drivers, says Thomas. "For buyers, the main focus will be on rates of interest and finding the one that is within your budget" he explains. It "could make the process a bit harder than it was before the reduced inventory." If you are shopping, make sure to consider you should consider a variety of financing options to make sure that you get the best deal, even with higher costs and interest rates. Bankrate's tip
Consider the entire of what you'll need to pay , not just the monthly costs.


The inventory is low. When customers head out to a dealership, they have some idea of what kind of car they'd like to buy. However, many buyers have discovered showrooms empty of the dream cars they've always wanted. Over the course of CDK's six months , "the number of shoppers finding the car they're looking for in stock has not broken 50 percent," says Thomas. In addition, inventory is down in comparison to the year prior. 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 people who don't go to the dealer altogether. "Some brands are experiencing inventories returning, but most are different in the number of cars are in stock," Thomas says. This "led to an increase in consumers purchasing cars directly from the manufacturer, with the process being handled at the dealership." There are more options for buying online are growing. The standard car purchasing experience hasn't seen a major makeover in many years and people are used to the lengthy procedure of purchasing a brand new or used car from a dealer. This shift into online car buying is not something that's completely new. A lot of local dealers have online marketplaces for buyers to peruse inventory before arriving at the lot. However, the online shopping experience has become more in-depth recently. The break many drivers have taken from the car purchasing process due to high prices also means that many need additional guidance when shopping. While online shopping is growing, 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 70 percent in 2021 according to the 2023 . If you were one of the drivers that stuck to the sidelines in the past year because of the high cost you can take comfort in this flexibility. Dealerships will continue operating While traditional dealerships aren't likely to disappear anytime soon, but it has experienced shifts following the outbreak. A lot of drivers are taking advantage of online ordering as well as when local dealerships are empty areas. Yet, 91 percent of shoppers still took the traditional route when buying a car in the last year, as per CDK's survey. In addition, those 9 percent of buyers who did complete their car buying process fully online did not score the experience highly. This is why it's a good idea not to ignore the personal experience you can get. Many dealerships are providing customers the most beneficial of worlds approach by allowing customers to start online and finish in the store. Thomas explained the switch. A lot of automakers from the past are "streamlining the online shopping experience and trying to ease the change from making part of the transaction online an effortless experience in the store." Drivers gain by being able to work the numbers at the convenience of home but still get behind-the-wheel experience prior to signing the papers. 4 ways to use the internet to your advantage Online car shopping is new and takes some time to master. Although some of the advice is into the category of conventional car buying, 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 the most relevant information is the first step in the car-buying process. Take note of the factors that are important to you the most such as the size of the vehicle, fuel economy or even the style and color. Although you may not be able to explore your new ride in person, YouTube car tours are a great resource to see the particulars of what a vehicle has to offer. 2. Create a budget after you have set your sights on the type of vehicle you want, it is crucial to determine how much you're willing to spend and . This will require some extra effort but is more straightforward without having a salesperson pressure you. Make the most of your time at in your home and think about the various factors that contribute to your decision including your earnings or salary, your fuel costs, insurance, and any additional costs for your vehicle. 3. Check local inventory Another benefit when shopping for your car online is the option to check local inventory before visiting the store in person. This can be accomplished by using a variety of ways. Check out the local dealers and search for, for example "Toyotas that are sold close to me" or look up websites such as Edmunds and TrueCar. This will also aid in because you'll better grasp the pricing landscape for your dream car. 4. Chat with salespeople online. Negotiation is often one of the most intimidating aspects of buying a car, but when you're sitting behind a computer, it is much easier to negotiate the price you're entitled to. Most of the online marketplaces you will encounter will have a chat option. 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 It's clear the car-buying experience has shifted for both the dealer and the buyer over the past few years due to a variety of factors: Global pandemic and inflation, supply chain issues and the rapid growth of technological. It is crucial to remember that a refresh in the industry is taking place and is providing greater transparency and accessibility to the buyer. Therefore, even though it's unlikely that car dealerships are going to disappear entirely, you should consider buying online to save time and money.


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of taking out loans to purchase an automobile.



Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He values transparent reporting that allows readers to successfully get deals and make best decisions for their financials. He specializes in auto and small business loans.











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