The Secondhand Car Market's Comeback in 2024

The Secondhand Car Market's Comeback in 2024

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The United Kingdom's secondhand car market is anticipated to witness substantial expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disruptions affected the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to satisfy demand and keep up factory utilization rates, the influx of new vehicles is anticipated to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to reach 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This growth, nevertheless, still trails pre-COVID figures automobile of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the cost variability of battery electric vehicles (BEVs) in the used market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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