The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

Blog Article

The UK’s pre-owned vehicle market is expected to experience considerable expansion in 2024, propelled by an surge in vehicle availability and shifting consumer demands. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a period of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to satisfy demand and keep up plant utilization levels, the surge of new automobiles is projected to boost the used car market as well. The sales of pre-owned vehicles are anticipated to attain 7.3 million cars in 2024, up from an estimated 7.05 million in 2023. This growth, nevertheless, still trails pre-COVID figures of 7.9 automobile million vehicles in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the pricing volatility of battery electric vehicles (BEVs) in the used market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market slowly adjusting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
This