The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-pandemic disruptions affected the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to satisfy need and sustain factory utilization rates, the influx of new cars is anticipated to enhance the secondhand car market as well. Sales of used cars are projected to hit 7.3 million vehicles 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 tech developments automobile advance and regulations 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)​.
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