The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

Blog Article

The UK’s used car market is anticipated to witness considerable increase in 2024, driven by an increase in vehicle availability and evolving buyer needs. After a tough 2023, where new automobile supply issues due to semiconductor shortages and post-pandemic disruptions affected the market, 2024 is expected to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With producers increasing production to satisfy demand and keep up plant utilization levels, the surge of new cars is anticipated to increase the pre-owned vehicle market as well. The sales of pre-owned vehicles are projected to reach 7.3 million units in 2024, up from an estimated 7.05 million units in 2023. This increase, nonetheless, still trails pre-COVID figures of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to monitor is the pricing volatility of automobile electric cars (BEVs) in the pre-owned market. As tech developments advance and government policies change, the market for used BEVs may undergo substantial variability. The overall outlook remains tentatively hopeful, with the sector slowly adjusting to emerging financial realities and buyer needs​ (Grant Thornton UK LLP)​.
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