The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

Blog Article

The UK’s pre-owned vehicle market is projected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a tough 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 UK LLP)​​ (EY)​.

With makers boosting production to meet demand and keep up factory operation levels, the influx of new cars 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 million units in 2023. This increase, nonetheless, still falls short of pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is automotive indutry the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for pre-owned BEVs may see considerable variability. The overall perspective remains guardedly positive, with the market gradually adjusting to new economic realities and consumer preferences​ (Grant Thornton)​.
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