The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The United Kingdom's secondhand car market is anticipated to witness substantial expansion in 2024, propelled by an increase in car inventory and changing buyer needs. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic interruptions influenced the market, 2024 is expected to be a period of revival and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to meet demand and maintain plant utilization levels, the wave of new automobiles is expected to boost the pre-owned vehicle market as well. The sales of secondhand cars automotive are anticipated to attain 7.3 million cars 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 major trends to monitor is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies change, the market for pre-owned BEVs may undergo substantial changes. The overall perspective remains guardedly positive, with the sector steadily adapting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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