The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The United Kingdom's secondhand car market is anticipated to witness substantial expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a challenging 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY)​.

With manufacturers increasing output to fulfill need and sustain factory utilization rates, the surge of new cars is anticipated to enhance the secondhand car market as well. Selling used cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This automobile industry growth, however, still lags behind pre-COVID 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 pre-owned market. As tech developments advance and regulations develop, the sector for secondhand 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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