The Secondhand Car Market's Comeback in 2024

The Secondhand Car Market's Comeback in 2024

Blog Article

The British used car market is projected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a tough 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers boosting output to meet demand and maintain plant utilization levels, the wave of new automobiles is expected to boost the pre-owned vehicle automobile industry market as well. The sales of pre-owned vehicles are anticipated to attain 7.3 million cars in 2024, rising from an estimated 7.05 million in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the price fluctuations of BEVs (BEVs) in the secondhand market. As technology improvements continue and government policies change, the market for used BEVs may experience significant fluctuations. The general forecast remains tentatively hopeful, with the sector steadily acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
This