The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

Blog Article

The United Kingdom's pre-owned vehicle market is anticipated to experience significant expansion in 2024, fueled by an rise in car availability and evolving customer preferences. Following a difficult 2023, where new car shortages due to semiconductor shortages and post-COVID interruptions influenced the sector, 2024 is projected to be a period of rebound and stability​ (Grant Thornton UK LLP)​​ (EY US)​.

With manufacturers boosting output to fulfill need and keep up plant utilization levels, the surge of new vehicles is expected to enhance the secondhand car market as well. The sales of pre-owned vehicles are expected to reach 7.3 million units in 2024, rising from an projected 7.05 million in 2023. This growth, however, still falls short of before the pandemic figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the major trends to monitor is the price fluctuations of BEVs (BEVs) in the used market. As technological advancements advance and government policies change, the market for secondhand BEVs may automotive indutry see significant changes. The general perspective remains cautiously optimistic, with the sector slowly adjusting to emerging economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
This