The British pre-owned vehicle market is projected to see considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a period of recovery and stability (Grant Thornton) (EY).
With makers ramping up production to meet demand and keep up factory operation levels, the influx of new vehicles is expected to increase the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain 7.3 million units 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).
One of the important trends to observe is the price fluctuations of electric cars (BEVs) in the automotive indutry pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo considerable variability. The overall perspective remains guardedly positive, with the market gradually adjusting to new economic realities and customer demands (Grant Thornton).
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