Edmunds: Car shopping trends and tips for 2023

Shopping for a new or used car over the last few years has become a frustrating and expensive undertaking. Car shoppers have had to deal with vehicle shortages, high prices, dwindling incentives and rising interest rates. Will 2023 bring any relief? Yes and no.

“Many buyers exited the market due to inventory issues or pricing that was not what they were expecting,” said Ivan Drury, Edmunds’ senior manager of insights. “While some of those issues will subside for 2023, current buyers will face a new set of challenges. The cost of financing continues to climb, which can offset some of the discounts from the manufacturer’s suggested retail price.”

The experts at Edmunds have gathered five important issues you need to know about the current car-buying climate, plus tips on how to make the best of them.

INTEREST RATES ARE HIGH AND STILL RISING