The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

Blog Article

The British pre-owned vehicle market is projected to see considerable growth in 2024, fueled by an surge in automobile supply and evolving consumer demands. 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 utilization rates, the influx of new vehicles is anticipated to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to reach 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 BEVs (BEVs) in the secondhand automotive market. As tech developments advance and regulations develop, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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