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 projected to see substantial expansion in 2024, fueled by an surge in automobile inventory and changing consumer demands. Following a difficult 2023, where new car shortages due to microchip shortages and post-COVID interruptions influenced the market, 2024 is anticipated to be a year of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With manufacturers ramping up production to meet demand and maintain factory utilization rates, the influx of new vehicles is expected to boost 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 lags behind before the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the important trends to observe is the price fluctuations of battery electric vehicles (BEVs) in the used market. As technological advancements continue and regulations develop, the sector for pre-owned BEVs may experience significant changes. The general perspective remains cautiously automobile industry optimistic, with the market steadily adapting to current economic realities and consumer preferences​ (Grant Thornton)​.
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