The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The United Kingdom's secondhand car market is anticipated to witness substantial expansion in 2024, propelled by an increase in car inventory and changing buyer needs. Following a challenging 2023, where new car supply constraints due to chip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to fulfill demand and maintain plant utilization levels, the wave 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, however, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

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