The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

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The UK’s pre-owned vehicle market is expected to see substantial increase in 2024, propelled by an surge in car availability and changing consumer demands. Following a tough 2023, where new automobile supply constraints due to chip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a year of rebound and stability​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to meet demand and keep up factory utilization rates, the surge of new cars is anticipated automobile to increase the secondhand car market as well. Sales of used cars are anticipated to hit 7.3 million vehicles in 2024, up from an projected 7.05 million units in 2023. This growth, however, still trails pre-pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to monitor is the price fluctuations of battery electric vehicles (BEVs) in the pre-owned market. As tech developments persist and governmental policies develop, the market for secondhand BEVs may see significant changes. The general forecast remains tentatively hopeful, with the sector slowly acclimating to current economic realities and customer demands​ (Grant Thornton UK LLP)​.
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