The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

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The British secondhand car market is expected to see significant expansion in 2024, propelled by an surge in automobile supply and changing customer preferences. Following a difficult 2023, where new automobile supply constraints due to microchip shortages and post-COVID disruptions impacted the market, 2024 is anticipated to be a year of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With manufacturers ramping up production to meet demand and maintain factory utilization rates, the influx of new vehicles is expected to boost the used car market as well. Sales of used cars are automobile projected to attain 7.3 million cars in 2024, rising from an projected 7.05 million units in 2023. This expansion, nevertheless, still trails pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the cost variability of BEVs (BEVs) in the secondhand market. As technology improvements persist and governmental policies evolve, the sector for secondhand BEVs may see considerable fluctuations. The general forecast remains guardedly positive, with the market gradually acclimating to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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