The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

Blog Article

The UK’s pre-owned vehicle market is expected to experience considerable expansion in 2024, propelled by an surge in vehicle availability and shifting customer preferences. After a tough 2023, where new vehicle shortages due to semiconductor shortages and post-pandemic disturbances influenced the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers increasing production to satisfy need and sustain plant utilization levels, the surge of new automobiles is projected to enhance the used car market as well. Sales of pre-owned vehicles are expected to hit 7.3 automotive indutry million cars in 2024, rising from an projected 7.05 million units in 2023. This increase, nonetheless, still lags behind pre-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 secondhand market. As technology improvements persist and regulations develop, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market gradually adjusting to emerging financial realities and customer demands​ (Grant Thornton)​.
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