The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

Blog Article

The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting customer preferences. After a challenging 2023, where new car supply issues due to microchip shortages and post-pandemic disturbances influenced the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY)​.

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

One of the major trends to monitor is the cost variability of electric cars (BEVs) in the pre-owned market. As technology improvements persist and government policies develop, the sector for pre-owned BEVs may see considerable variability. The overall perspective automotive indutry remains guardedly positive, with the market gradually adjusting to new economic realities and consumer preferences​ (Grant Thornton)​.
This