The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The United Kingdom's secondhand car market is anticipated to witness substantial increase in 2024, driven by an rise in automobile inventory and changing buyer needs. Following a difficult 2023, where new vehicle shortages due to microchip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to satisfy demand and keep up factory operation levels, the influx of new vehicles is expected to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This growth, nevertheless, 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 pre-owned market. As tech developments advance and regulations develop, the sector for pre-owned BEVs may see automobile industry considerable variability. The overall outlook remains cautiously optimistic, with the market gradually acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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