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 expected 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-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, automobile industry the wave 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 trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton)​.

One of the important trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience substantial fluctuations. The overall outlook remains cautiously optimistic, with the sector steadily acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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