The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

Blog Article

The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an surge in vehicle availability and evolving consumer demands. Following a tough 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 factory utilization rates, the influx of new cars is anticipated to enhance the secondhand car market as well. Sales of used cars are projected to hit 7.3 million vehicles in 2024, rising from an projected 7.05 million units in 2023. This increase, nonetheless, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the price fluctuations of BEVs (BEVs) in the pre-owned market. As tech developments advance and regulations develop, automotive the sector for secondhand BEVs may undergo substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to new financial realities and customer demands​ (Grant Thornton)​.
This