The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival 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 buyer needs. After a challenging 2023, where new car supply constraints 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 sustain factory utilization rates, the surge of new cars is projected to enhance the used car market as well. Sales of used cars are expected 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 key trends to watch is the price fluctuations of BEVs (BEVs) in the secondhand market. As automobile technological advancements continue and governmental policies evolve, the market for used BEVs may undergo substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and consumer preferences​ (Grant Thornton UK LLP)​.
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