The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

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The UK’s secondhand car market is expected to see substantial growth in 2024, driven by an increase in vehicle supply and changing consumer demands. After a tough 2023, where new automobile supply constraints due to microchip shortages and post-COVID interruptions influenced the sector, 2024 is expected to be a year of rebound and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With makers boosting output to satisfy demand and maintain factory utilization rates, the influx of new automobiles is projected to increase the pre-owned vehicle market as well. The sales of used cars are projected to attain 7.3 million cars in 2024, increasing from an estimated 7.05 million automotive in 2023. This increase, nonetheless, still trails pre-COVID levels of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the important trends to watch is the pricing volatility of electric cars (BEVs) in the pre-owned market. As technology improvements persist and governmental policies develop, the sector for used BEVs may experience substantial variability. The overall forecast remains guardedly positive, with the market steadily acclimating to current economic realities and customer demands​ (Grant Thornton)​.
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