The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The United Kingdom's secondhand car market is expected to see significant expansion in 2024, fueled by an surge in automobile inventory and changing customer preferences. After a tough 2023, where new automobile supply constraints due to chip shortages and post-pandemic disturbances affected the sector, 2024 is expected to be a period of revival and normalization​ (Grant Thornton)​​ (EY)​.

With makers boosting output to fulfill need and keep up factory operation levels, the wave of new automobiles is projected to increase the pre-owned vehicle market as well. The sales of pre-owned vehicles are expected to hit 7.3 million vehicles in 2024, up from an estimated 7.05 million in 2023. This increase, nonetheless, still falls short of before the pandemic figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the pricing volatility of electric cars (BEVs) in the pre-owned market. As tech developments advance and government policies change, automotive the market for used BEVs may undergo substantial variability. The overall outlook remains tentatively hopeful, with the sector slowly adjusting to emerging financial realities and buyer needs​ (Grant Thornton UK LLP)​.
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