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 vehicle availability and shifting consumer demands. Following a tough 2023, where new vehicle shortages due to microchip shortages and post-COVID disturbances affected the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers ramping up output to fulfill demand and maintain factory operation levels, the wave of new vehicles is automotive expected to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to reach 7.3 million units in 2024, up from an expected 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the cost variability of electric cars (BEVs) in the used market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience significant fluctuations. The general forecast remains tentatively hopeful, with the sector steadily adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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