The Used Car Market's Revival in 2024

The Used Car Market's Revival in 2024

Blog Article

The British used car market is expected to witness significant growth in 2024, driven by an surge in car availability and changing consumer demands. After a difficult 2023, where new vehicle supply constraints due to chip shortages and post-pandemic disruptions influenced the market, 2024 is projected to be a period of recovery and normalization​ (Grant Thornton)​​ (EY US)​.

With makers increasing production to fulfill demand and sustain factory operation levels, the surge of new cars is anticipated to increase the pre-owned vehicle market as well. Sales of secondhand cars are projected to attain 7.3 million vehicles in 2024, up from an projected 7.05 million in 2023. This increase, nevertheless, still falls short of pre-COVID levels of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the major trends to observe is the cost variability of BEVs (BEVs) in the used market. As tech developments persist and regulations change, the sector for pre-owned automobile industry BEVs may undergo considerable changes. The overall forecast remains tentatively hopeful, with the market steadily adjusting to emerging economic realities and customer demands​ (Grant Thornton UK LLP)​.
This