The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

Blog Article

The British secondhand car market is anticipated to witness substantial expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is projected to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and keep up factory operation levels, the influx of new vehicles is expected to increase the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This growth, however, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the price fluctuations of electric cars (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may see considerable variability. The overall perspective remains guardedly positive, with the market gradually adjusting automotive indutry to emerging financial realities and customer demands​ (Grant Thornton)​.
This