The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

Blog Article

The United Kingdom's used car market is expected to witness considerable increase in 2024, propelled by an rise in car availability and changing consumer demands. After a tough 2023, where new car shortages due to chip shortages and post-pandemic disruptions influenced the sector, 2024 is expected to be a year of recovery and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers boosting output to satisfy demand and sustain factory operation levels, the surge of new cars automobile industry is expected to enhance the pre-owned vehicle market as well. The sales of used cars are anticipated to hit 7.3 million units in 2024, up from an projected 7.05 million in 2023. This growth, nonetheless, still trails pre-COVID levels of 7.9 million cars in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to monitor is the price fluctuations of battery electric vehicles (BEVs) in the pre-owned market. As tech developments persist and governmental policies develop, the market for secondhand BEVs may see significant changes. The general outlook remains tentatively hopeful, with the market steadily adapting to new financial realities and buyer needs​ (Grant Thornton UK LLP)​.
This