The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

Blog Article

The British pre-owned vehicle market is expected to experience considerable growth in 2024, propelled by an increase in vehicle availability and shifting customer preferences. After a tough 2023, where new vehicle shortages due to semiconductor shortages and post-pandemic interruptions influenced the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to meet demand and keep up factory operation levels, the influx of new vehicles is anticipated to increase the secondhand car market as well. Selling used cars are projected to reach 7.3 million vehicles in 2024, increasing from an expected 7.05 automotive 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 (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the market for used BEVs may experience substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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