The Secondhand Car Market's Comeback in 2024

The Secondhand Car Market's Comeback in 2024

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The United Kingdom's secondhand car market is anticipated to see significant increase in 2024, driven by an surge in car inventory and shifting customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is anticipated to be a period of revival and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers 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. Sales of pre-owned vehicles are expected to hit 7.3 million cars in 2024, rising from an projected 7.05 million units in 2023. This increase, nonetheless, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for pre-owned BEVs may automotive indutry see considerable variability. The overall perspective remains cautiously optimistic, with the market gradually adjusting to new economic realities and consumer preferences​ (Grant Thornton)​.
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