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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 you interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare information for free – so that you can make sound financial decisions. 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 deals that are advertised on this site come from companies that compensate us. This compensation may impact how and where products appear on the site, such as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other products for home loans. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not cover the vast array of companies or financial offerings that could be available to you.
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5 minutes read. Published January 26, 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 to navigate the ins and outs of securely borrowing money to purchase an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in the clarity of his reporting, which helps readers easily land deals and make the best decisions for their financials. He is a specialist in small business and auto loans.
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Cars are the second most expensive purchase that people make during their lifetime. Securing this high-ticket item is typically a painful experience filled with and at the dealership lot. However, with the change in normal the pandemic brought, a lot of dealers are taking on the challenge of providing a smoother buying experience. The car buying process in 2023 is a hazard and supply chain problems that keep costs high. As consumers, it’s essential to make use of the shift in the purchasing process of cars in your favor. Take note of the ways the buying process for cars could look different in the next year to both the driver as well as the vendor. What to expect when buying a car this year As we move deeper into 2023, it’s difficult to ignore news of an imminent recession. Economic experts believe that the economy has 64 percent chance of entering a recession this year, found. While the prediction of a recession isn’t directly related to 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. December was the month that saw yet another record-breaking transaction price for new vehicles, $49,507, according to . However, the future isn’t negative as dealers have gotten a glimpse of the threatening macro-environmental trends. Bankrate spoke to Dave Thomas, director of content marketing as well as an automotive sector analyst with CDK Global, for insight on upcoming trends this year. Price is still the most important factor when you’re shopping for a vehicle in the coming year, then you — like 48 percent of buyers, as per the could be using price as the main consideration. The time commitment that comes with car buying is a factor for the remaining half of surveyed consumers and buyers, price is the primary consideration. This year could be a bit than a rollercoaster for drivers, says Thomas. “For shoppers, the focus will be about those interest rates and how to find the one that is within your budget” Thomas explains. It “could make the process a bit harder than it was before the fewer options.” If you are shopping, make sure to consider numerous financing options are available to ensure that you get the best bargain, even if it comes with higher prices and higher interest rates. Bankrate’s tip
If you are considering a purchase, think about the total 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 of the type of vehicle they’d like to buy. But many have come across lots empty of the dream cars they’ve always wanted. 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. Even more, inventory is down when compared to the previous year. While conditions are improving, the supply is still below demand, according to J.D. Power. The lack of inventory has also led to an increase in drivers skipping the dealership altogether. “Some brands are seeing inventory return, but all have a distinct number of vehicles are in stock,” Thomas says. This “led to an increase in people ordering vehicles cars from the manufacturer, with the transaction being handled by dealers.” Options to buy online are growing. The standard car buying experience hasn’t had a major makeover in many years, and consumers have grown accustomed to the drawn-out process of getting a new or used car from a dealership. This shift into purchasing cars online isn’t something that’s completely new. Lots of local dealers have had online marketplaces available for buyers to peruse options prior to visiting the showroom. However, the car buying experience has become much more detailed in recent years. The time away that many motorists had to take from the buying process due to high prices can also mean that they require additional guidance when shopping. Therefore, even though online shopping is growing, Thomas explains that “76 percent of the people we interviewed said they wanted to take their time to understand all of their options” this is an increase from 70 percent in 2021 as per the survey for the year 2023 . If you’re one of those who stuck to the sidelines over the last year because of steep prices, take comfort in the flexibility of this market. Dealerships will remain in operation. traditional dealerships aren’t likely to be obsolete anytime soon, but it has experienced shifts following the outbreak. A lot of drivers are taking advantage of online purchasing, particularly the time local dealers are unable to fill their showrooms. Yet 91% of consumers did not go through the traditional process when buying a car in the last year, as reported by the survey by CDK. It is also interesting to note that the 9 percent of drivers that did complete the car purchase process completely online didn’t rate the experience very highly. With this in mind, it’s best not to overlook the hands-on experience you can get. But many dealerships are offering an ideal mix of worlds approach by allowing customers to start online and finish at the location. Thomas explained the switch. Many legacy automakers are “streamlining the process of buying online and trying to make the change from making part of the transaction online a seamless one in the showroom.” Drivers are benefiting by being able to work the figures from the comfort of their home , but still enjoy the driving experience prior to signing the papers. 4 ways to use the internet to your advantage. Online car buying is still relatively new, and requires a bit of learning. Although some of the advice is within the realm of traditional car shopping, consider these guidelines when you’re avoiding the showroom. 1. If you are able to research in person, or not finding out is the first stage in the process of buying a car. Take note of the factors that matter to you most including the size of the vehicle as well as the fuel economy, and the style and color. While you might not be able explore your new ride personally, YouTube car tours are a great resource to see the features a car has to offer. 2. Create a budget after you have decide on the kind of car you want, it is important to figure out what you’re willing spend and . This requires additional work but is much simpler without the pressure of a salesperson hounding you. Enjoy your stay at in your home and think about all contributing factors like your income or salary, your fuel costs, insurance, and other vehicle expenses. 3. Find local inventory Another benefit of shopping for your car online is the possibility to verify local inventory prior to visiting the store in person. This can be done by a variety of methods. Find certain dealers in your region and search for by, for instance “Toyotas sold near me” or look up websites such as Edmunds or TrueCar. This will also aid in understanding the market price for your dream car. 4. Chat online with salespeople . Negotiation can be one of the most stressful aspects of buying a car, but when you’re sitting in front of a computer screen, it is much easier to bargain for the price you’re worthy of. Most of the online marketplaces you will encounter will include a chat feature. Make use of this feature to ask the appropriate questions. Focus on being firm, and provide information while checking local inventory about different pricing options. The bottom line is clear the buying experience for cars has changed both for the dealer and the buyer over the past few years because of a mix of elements: global pandemic and inflation as well as supply chain issues, and growing technology. It is crucial to keep in mind that a change in the market is underway which is bringing greater transparency and accessibility to the buyer. Therefore, even though it’s likely that car dealerships will completely disappear, think about shopping online to potentially save both money and time.
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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 ways and pitfalls of using loans to buy the car they want.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He values transparent reporting that allows readers to confidently find deals and make the best choices for their finances. He is a specialist in small business and auto loans.
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