The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The UK’s secondhand car market is expected to experience substantial expansion in 2024, propelled by an increase in car inventory and changing buyer needs. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With makers boosting output to meet demand and keep up factory operation levels, the wave of new automobiles is expected to boost 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, 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 used market. As technology improvements persist and government policies change, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market gradually acclimating to emerging economic conditions and buyer needs​ (Grant Thornton UK automotive LLP)​.
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