The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence 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 consumer demands. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers increasing output to fulfill need and sustain factory operation levels, the wave of new vehicles is expected to boost the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the pricing volatility of battery electric vehicles (BEVs) in the used market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market gradually acclimating to automotive indutry emerging financial realities and customer demands​ (Grant Thornton)​.
This