The Secondhand Car Market's Resurgence in 2024

The Secondhand Car Market's Resurgence in 2024

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The British pre-owned vehicle market is anticipated to experience substantial growth in 2024, driven by an surge in automobile availability and evolving customer preferences. Following a challenging 2023, where new vehicle supply constraints due to microchip shortages and post-COVID disturbances impacted the market, 2024 is projected to be a period of rebound and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With producers increasing production to fulfill need and keep up factory utilization rates, the influx of new automobiles is anticipated to increase the used car market as well. Selling pre-owned vehicles are projected to reach 7.3 million cars in 2024, increasing from an estimated 7.05 million units in 2023. This expansion, nevertheless, still lags behind before the pandemic figures of 7.9 million units in 2019​ (Grant Thornton)​.

One of the important trends to watch is the cost variability of electric cars (BEVs) in the secondhand market. As technological advancements advance and government policies evolve, the sector for pre-owned BEVs may experience substantial variability. The general perspective remains cautiously optimistic, with the sector slowly acclimating to current economic realities and customer demands​ automobile (Grant Thornton UK LLP)​.
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