The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The British used car market is projected to see significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. After a challenging 2023, where new car supply constraints due to microchip shortages and post-COVID disruptions impacted the sector, 2024 is projected to be a period of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers boosting output to meet demand and maintain factory operation levels, the influx of new vehicles is anticipated to increase the pre-owned vehicle market as well. automobile industry Selling secondhand cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This growth, however, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo considerable variability. The overall perspective remains guardedly positive, with the market gradually adjusting to emerging financial realities and customer demands​ (Grant Thornton)​.
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