The Pre-Owned Vehicle Market's Comeback in 2024

The Pre-Owned Vehicle Market's Comeback in 2024

Blog Article

The United Kingdom's pre-owned vehicle market is projected to experience considerable expansion in 2024, propelled by an increase in automobile supply and evolving consumer demands. After a challenging 2023, where new car supply constraints due to chip shortages and post-COVID disruptions affected the market, 2024 is expected to be a period of recovery and normalization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers ramping up output to meet demand and sustain factory utilization rates, the wave of new vehicles is anticipated to enhance the used car market as well. The sales of used cars are expected to attain 7.3 million units in 2024, increasing from an projected 7.05 million in 2023. This expansion, nonetheless, still lags behind before the pandemic levels of 7.9 million cars in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to monitor is the pricing volatility of BEVs (BEVs) in automotive the pre-owned market. As technology improvements persist and governmental policies change, the sector for used BEVs may experience considerable changes. The overall perspective remains tentatively hopeful, with the market slowly acclimating to new economic conditions and customer demands​ (Grant Thornton UK LLP)​.
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