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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 better financial choices by offering interactive financial calculators and tools, publishing original and objective content. We also allow users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this site are from companies who pay us. This compensation may impact how and where products appear on the site, such as for instance, the sequence in which they be displayed within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does not influence the content we publish or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be accessible to you.



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5 min read Published 26 January 2023
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of using loans to buy an automobile.







Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He is a fan of transparent reporting that allows readers to successfully get deals and make best choices for their finances. He specializes in small business and auto loans.









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The purchase of a car is the second most expensive purchase many consumers make in their lives. It was historically a unpleasant experience that was accompanied by and at the dealer lot. In the wake of the new norm that the pandemic has brought, many dealerships are now embracing this and making it easier to purchase experience. The car buying process in 2023 is a hazard and supply chain problems that keep costs at a high level. As consumers, it is crucial to utilize the changing car buying process in your favor. Think about the following ways buying a car could be different in the coming year to both the driver or the buyer. What to expect when buying a car this year As we move deeper into 2023, it's hard to ignore news of a looming recession. The economic outlook is based on a 64 percent likelihood of experiencing a recession this year, found. While the prediction of a recession is not directly correlated with a buyer's experience at the lot, the high cost of a car outside the dealership could mean an additional annoyance when buying your next vehicle. December was the month that saw yet another record-high average transaction price for new vehicles, $49,507, according to . But the future is not all doom and gloom 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 the upcoming trends for this year. Vehicle price remains paramount If you're shopping for a vehicle for this coming year, you -- like 47 percent of buyers according to the -- may use price as your main consideration. Although the commitment to time for buying a car is a factor for the other half of consumers surveyed, price is most important. This year could be more of a roller coaster for motorists, according to Thomas. "For shoppers, the focus will be on interest rates and how to locate one that fits the budget of theirs," Thomas explains. This "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 you sign off on the best bargain, even when you pay higher rates and higher interest rates. Tips from Bankrate
When , consider the whole of the amount you'll have to cover -- in addition to the regular monthly cost.


In the event that people head to a dealership they are aware of the type of vehicle they want to purchase. But many drivers have found lots empty of the dream cars they've always wanted. During CDK's six-month , "the number of shoppers finding the vehicle they are looking for in stock hasn't broken 50," says Thomas. Even more, inventory is down in comparison to the year prior. Although conditions are improving, inventory remains low, according to J.D. Power. The lack of inventory has also caused an increase in people who don't go to the dealer altogether. "Some brands are seeing inventories returning, but most are different in the number of cars are on the lot," Thomas says. This "led to an increase in people ordering vehicles cars from the factory with the transaction being handled by the dealer." Options to buy online are growing. The standard car purchasing experience hasn't seen an overhaul in many years, and customers have become accustomed to the drawn-out process of getting a new or used car from a dealer. This shift into purchasing cars online isn't something that's completely new. Lots of local dealers have online marketplaces for customers to look at options prior to visiting the dealership. However, the online shopping 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 also means that many need more information when they shop. Therefore, even though online shopping is growing, Thomas explains that "76 percent of people we surveyed indicated that they were willing to take time to understand all of their options," this is an increase from the 67 percent of 2021 in accordance with the report for 2023 . If you were one of those who did not get on the roads in the past year due to the high cost of gas, rest assured in the flexibility of this market. Dealerships will continue to operate. While traditional dealerships aren't likely to be obsolete anytime soon, but it has experienced shifts following the outbreak. Many drivers are now taking advantage of online shopping, especially when local dealers have empty lots. However 91% of consumers used the traditional method when buying a car in the last year, according to the CDK survey. More interestingly, the 9 percent of motorists that did complete their car buying process fully online didn't rate the experience highly. In this light, it's a good idea not to ignore the personal experience you can get. But many dealerships are offering customers the most beneficial of worlds approach by allowing customers to go online first and then end in the store. Thomas explained this switch. A lot of automakers from the past are "streamlining the online process and attempting to make the transition from doing part of the journey online into a seamless one in the showroom." Drivers benefit from the ability to crunch the numbers from the comfort of at home but still have a driving experience before signing the documents. 4 ways to use online car shopping to your advantage Online buying a car is new, and it takes some time to master. Although some tips are within the realm of conventional car buying, you should consider these guidelines when you're avoiding the showroom floor. 1. 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 most important to you 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 new car on the road, YouTube car tours are an excellent resource for seeing the specifics a vehicle has to offer. 2. Create a budget after you have decide on the type of vehicle that you'd like, it's important to figure out how much you're willing to spend and . Finding this number takes more effort, but it's simpler without the pressure of a salesperson hounding you. Enjoy your stay at there at home and take into account the various factors that contribute to your decision, such as your salary as well as insurance, fuel and any additional costs for your vehicle. 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. It can be done by a variety of methods. Look at certain dealers in your region -- search by, for instance "Toyotas available close to me" or search on websites like Edmunds as well as TrueCar. This can also assist in because you'll better grasp the pricing landscape for the car you want to buy. 4. Chat online with salespeople . Negotiation can be one of the most intimidating aspects of buying a car However, when you're in front of a computer screen it's much simpler to negotiate the price you're entitled to. Most of the online marketplaces that you'll encounter offer chat options. Make use of it as a place to ask the right questions. Make sure to be firm and share information you found while checking local inventory about different prices. The bottom line is that the car-buying experience has shifted for both the dealer and buyers over the last few years because of a mix of elements: global pandemics and inflation, supply chain issues and growing technological. However, it's important to remember that a refresh in the industry is happening and is providing more transparency and accessibility for the consumer. Therefore, even though it's unlikely that car lots are going to disappear entirely, you should consider purchasing online and saving both money and time.


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of using loans to buy a car.



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 easily find deals and make the most appropriate choices regarding their finances. He is a specialist in auto and small business loans.











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