The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

Blog Article

The United Kingdom's secondhand car market is anticipated to see significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions impacted the market, 2024 is projected to be a period of recovery and stabilization​ (Grant Thornton)​​ (EY)​.

With makers boosting production to meet demand and keep up factory operation levels, the wave of new vehicles is expected to increase the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain 7.3 million units in 2024, increasing from an projected 7.05 million units in 2023. This increase, nonetheless, still falls short of before the 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 automobile (BEVs) in the secondhand market. As tech developments advance and governmental policies 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