The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The UK’s secondhand car market is expected to witness substantial expansion in 2024, propelled by an increase in car inventory and shifting customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances influenced the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers increasing production to satisfy need and sustain factory operation levels, the wave of new automobiles is expected to boost the pre-owned vehicle market as well. The sales of pre-owned vehicles are anticipated to attain 7.3 million cars in 2024, rising from an estimated 7.05 million in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the cost variability of electric cars (BEVs) in automobile the pre-owned market. As technological advancements continue and governmental policies evolve, the sector for secondhand BEVs may undergo substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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