The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The United Kingdom's used car market is anticipated to witness significant increase in 2024, driven by an surge in automobile supply and evolving 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 year 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 boost the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain 7.3 million cars in 2024, up from an estimated 7.05 million in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging financial realities automobile industry and customer demands​ (Grant Thornton)​.
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