The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

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The British pre-owned vehicle market is projected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is anticipated to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and sustain plant utilization levels, the surge of new automobiles is projected to enhance the used car market as well. Sales of used cars are expected to hit 7.3 million vehicles in 2024, increasing from an projected 7.05 million units in 2023. This increase, nonetheless, still falls short of before the pandemic numbers of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the pricing volatility of battery electric vehicles (BEVs) in the secondhand market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see significant fluctuations. automotive The overall outlook remains cautiously optimistic, with the sector steadily acclimating to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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