The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

Blog Article

The United Kingdom's used car market is anticipated to experience significant expansion in 2024, fueled by an rise in car availability and evolving customer preferences. Following a difficult 2023, where new car supply issues due to semiconductor shortages and post-pandemic disruptions impacted the market, 2024 is anticipated to be a period of revival and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers ramping up production to fulfill need and keep up plant utilization levels, the influx of new cars is expected to boost the used car market as well. Selling secondhand cars are expected to reach 7.3 million units in 2024, rising from an projected 7.05 million units in 2023. This expansion, however, still falls short of before the pandemic figures of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the major trends to observe is the price fluctuations of battery electric vehicles (BEVs) in the used market. As tech developments persist and government policies evolve, the sector for pre-owned BEVs may experience substantial changes. automotive The overall outlook remains tentatively hopeful, with the market gradually acclimating to current economic realities and customer demands​ (Grant Thornton)​.
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