The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The United Kingdom's pre-owned vehicle market is projected to see substantial expansion in 2024, propelled by an surge in automobile supply and changing customer preferences. After a tough 2023, where new automobile supply constraints due to semiconductor shortages and post-pandemic disturbances affected the sector, 2024 is expected to be a period of revival and normalization​ (Grant Thornton)​​ (EY)​.

With makers boosting output to fulfill need and sustain factory operation levels, the wave of new automobiles is projected to enhance the secondhand car market as well. Selling secondhand cars are anticipated to hit 7.3 million vehicles in 2024, rising from an projected 7.05 million units in 2023. This increase, nevertheless, still trails pre-COVID levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the major trends to monitor is the cost variability of electric cars (BEVs) in the secondhand market. As technology improvements persist and government policies evolve, the automotive market for secondhand BEVs may undergo considerable variability. The overall forecast remains tentatively hopeful, with the sector gradually adjusting to emerging financial realities and buyer needs​ (Grant Thornton UK LLP)​.
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