The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

Blog Article

The British used car market is projected to see considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. After a tough 2023, where new vehicle shortages due to semiconductor shortages and post-pandemic disturbances influenced the market, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers increasing output to fulfill demand and maintain factory operation levels, the influx of new vehicles is expected to increase the pre-owned vehicle market as well. Selling automobile industry secondhand cars are projected to reach 7.3 million units in 2024, increasing from an expected 7.05 million units in 2023. This expansion, nonetheless, still falls short of before the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the key trends to watch is the pricing volatility of battery electric vehicles (BEVs) in the secondhand market. As technology improvements persist and government policies change, the market for pre-owned 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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