The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

Blog Article

The United Kingdom's secondhand car market is anticipated to experience considerable growth in 2024, driven by an rise in car availability and shifting buyer needs. After a challenging 2023, where new vehicle shortages due to chip shortages and post-COVID disturbances influenced the sector, 2024 is projected to be a period of revival and normalization​ (Grant Thornton)​​ (EY)​.

With makers boosting output to fulfill need and sustain factory operation levels, the wave of new automobiles is projected to enhance the secondhand car market as well. Selling secondhand cars are anticipated to hit 7.3 million vehicles in 2024, increasing from an expected 7.05 million in 2023. This growth, however, still falls short of before the pandemic numbers of 7.9 million vehicles in 2019​ (Grant Thornton)​.

One of the important trends to watch is the pricing volatility of battery electric vehicles (BEVs) in the used market. As technological advancements advance and automotive regulations change, the market for used BEVs may experience substantial variability. The overall outlook remains cautiously optimistic, with the sector slowly adapting to new financial realities and customer demands​ (Grant Thornton UK LLP)​.
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