The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

Blog Article

The UK’s pre-owned vehicle market is projected to experience considerable growth in 2024, fueled by an surge in vehicle supply and evolving buyer needs. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-COVID disturbances influenced the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY)​.

With manufacturers increasing production to fulfill 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 attain 7.3 million cars in 2024, rising from an estimated 7.05 million in 2023. This growth, however, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton)​.

One of the important trends to observe is the cost variability of electric cars automotive (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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