The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

Blog Article

The British used car market is projected to see considerable growth in 2024, fueled by an surge in automobile supply and evolving buyer needs. 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 boosting production to meet demand and keep up factory operation levels, the wave of new vehicles is expected to boost the pre-owned vehicle market as well. Selling used cars are projected to reach 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton)​.

One of the important trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the sector for secondhand BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market gradually adjusting to new economic realities and consumer preferences​ automotive indutry (Grant Thornton)​.
This