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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 providing you with interactive financial calculators and tools that provide objective and unique content. This allows users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships 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 site come from companies that pay us. This compensation could affect how and when products are featured on the site, such as such things as the sequence in which they be displayed within the listing categories in the event that they are not permitted by law for our mortgage, home equity, and other home loan products. However, this compensation will have no impact on the information we provide, or the reviews that you see on this site. We do not cover the universe 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 has a specialization in helping readers in navigating the details of using loans to buy a car.







Edited by 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 get deals and make best decisions for their financials. He is a specialist in small and auto loans.









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Buying a car can be the second-highest cost purchase most people make in their lives. It was historically a unpleasant experience that was accompanied by and on the lot of the dealership. However, with the change in normal the pandemic brought, a lot of dealerships are now embracing this and creating a more seamless buying experience. Car purchasing in 2023 is fraught with and supply chain issues keeping prices up. As consumers, it's important to use the shifting car buying process for your benefit. Take note of the ways the car buying process could be different in the next year for both the buyer or the buyer. What should you expect when purchasing a car this year As we get closer to 2023, it's difficult to avoid news of and an imminent recession. Economists believe the economy has 64 percent chance of entering a recession this year, found. Although the likelihood of a recession isn't directly linked to the customer's experience on the lot, expensive prices at the dealer could cause additional discomfort when purchasing the next car. The month of December saw another record-breaking average transaction price for new vehicles, $49,507, according to . However, the future isn't all gloom and doom dealers have noticed the erratic macro-environmental trends. Bankrate spoke with Dave Thomas, director of content marketing and automotive market analyst for CDK Global, for insight on the upcoming trends for this year. Vehicle price remains paramount If you're shopping for a vehicle this year, youlike 47 percent of buyers as per the may use price as your primary focus. While the time commitment to purchase a car is a consideration for the other half of consumers surveyed the most significant factor is price. This year might be more of a rollercoaster for drivers says Thomas. "For consumers, the primary concern is going to be on those rates of interest and the best way to locate one that will fit the budget of theirs," Thomas explains. The fact that this "could cause the shopping process to be somewhat more challenging than it was previously due to the fewer options." When you shop, consider numerous financing options are available to ensure that you are getting the best deal even when you pay higher prices and higher interest rates. Tips from Bankrate
Consider the entire of the amount you'll have to cover -- more than just your monthly costs.


In the event that people head to a dealership they have an idea of the type of vehicle they'd like to buy. But many drivers have found lots empty of their dream car. Over the course of CDK's six months , "the number of shoppers finding the car they want in stock hasn't broken 50 percent," says Thomas. Even more inventory is lower compared to 2019. Even though conditions are improving inventory remains low as per J.D. Power. In addition, the lack of inventory has caused an increase in customers who do not visit the dealership at all. "Some brands are seeing inventory returning, but most have a distinct number of vehicles are available," Thomas says. This "led to an increase in consumers purchasing cars directly from the factory , with the process being handled at dealerships." Options to buy online will expand The typical car buying experience hasn't had any major changes in recent years, and customers are used to the lengthy process of getting a new or used vehicle from a dealership. This move to purchasing cars online isn't something that's completely new. Lots of local dealers have had online marketplaces available for customers to look at their inventory prior to arriving on the dealership. But the online car shopping experience has become much more in-depth recently. The break that many drivers have taken from the car purchasing process due to the cost can also mean that they require more guidance when shopping. Therefore, even though online shopping is on the rise, Thomas explains that "76 percent of those we surveyed indicated that they were willing to take time to learn about all their options," which is up from 67 percent in 2021, in accordance with the report for 2023 . If you were one of the motorists who remained on the sidelines over the past year due to the steep cost be assured of this flexibility. Dealerships will continue operating While the traditional dealership isn't going to go out of business in the near future, it has seen shifts since the pandemic. Many drivers are making use of online shopping like or when local dealers have empty showrooms. Yet 91% of consumers used the traditional method when buying a car in the past year, according to the CDK survey. It is also interesting to note that those 9 percent of drivers that did complete their car buying process fully online didn't rate their satisfaction very high. With this in mind, it's best not to miss the real-world experience that offers. However, many dealerships offer the best of both approach with the option to begin online and then finish in the store. Thomas explained the switch. A lot of automakers from the past are "streamlining the process online and attempting to make the transition from doing part of the transaction online an effortless experience in the showroom." Drivers are benefiting from the ability to crunch the numbers from the comfort of home but still get behind-the-wheel experience before signing the paperwork. Four ways to make use of online car shopping to your advantage Online car buying is still relatively new and requires a bit of learning. While some tips are in line with traditional car shopping, you should consider these guidelines when you're avoiding the showroom floor. 1. Research In person or not conducting research to discover is the initial step in the car-buying process. Think about what aspects matter to you most such as the size of the vehicle and its fuel efficiency, or the style and color. Although you might not be able explore your new vehicle on the road, YouTube car tours are a great resource to see the features a car offers. 2. Make a budget. Once you've set your sights on the kind of car you want, it is essential to know how much you're willing to spend and . This requires additional work but is much easier without a salesperson pressuring you. Enjoy your stay at home and consider all contributing factors including your earnings, fuel, insurance and any additional costs for your vehicle. 3. Find local inventory Another benefit when shopping for your car online is the possibility to look up local inventory prior to going to look in person. It can be done in a few ways. Look at certain dealers in your region Search such as "Toyotas sold near me" or use websites like Edmunds and TrueCar. This research will also help in understanding the market price for your dream car. 4. Chat with salespeople online. Negotiation can be one of the most daunting elements of buying a car However, when you're behind a computer it's much simpler to haggle for the price you deserve. A majority of online marketplaces that you come across will offer chat. Use it as a platform to ask the right questions. Be firm, and then share the information you have gathered when you look up local inventory for different prices. The bottom line It's clear the experience of buying a car has changed for both the dealer and buyers over the last few years due to a variety of factors: Global pandemics and inflation, supply chain issues and the rapid growth of technological. It is crucial to remember that a refresh in the industry is underway which is bringing greater transparency and accessibility to the buyer. Therefore, even though it's likely that car dealerships are going to disappear entirely, you should consider buying online to save time and money.


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely borrowing money to purchase 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 confidently get deals and make most appropriate choices regarding their finances. He is a specialist in auto and small business loans.











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