The Secondhand Car Market's Comeback in 2024

The Secondhand Car Market's Comeback in 2024

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The British used car market is projected to see significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. Following a difficult 2023, where new car supply constraints 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 producers boosting output to fulfill demand and maintain plant utilization levels, the wave of new automobiles is projected to boost the used car market as well. The sales of pre-owned vehicles are anticipated to attain 7.3 million cars in 2024, up automobile industry from an estimated 7.05 million in 2023. This growth, however, still lags behind pre-pandemic figures of 7.9 million vehicles 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 gradually acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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