The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

Blog Article

The British used car market is projected to see significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. Following a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic interruptions influenced the market, 2024 is anticipated to be a year of revival and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers increasing output to fulfill demand and maintain plant utilization levels, the surge of new automobiles is projected to boost the used car market as well. The sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, rising from an estimated 7.05 million in 2023. This growth, however, still lags behind pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to automotive indutry observe is the price fluctuations of electric cars (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market gradually adjusting to new economic realities and consumer preferences​ (Grant Thornton)​.
This