The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The British pre-owned vehicle market is expected to experience substantial expansion in 2024, propelled by an surge in vehicle availability and shifting buyer needs. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic disturbances influenced the market, 2024 is expected to be a period of revival and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to fulfill demand and maintain plant utilization levels, the wave of new automobiles is expected to boost the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain 7.3 million units in 2024, up from an automobile estimated 7.05 million in 2023. This growth, nevertheless, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the cost variability of electric cars (BEVs) in the used market. As technological advancements continue and governmental policies evolve, the market for secondhand BEVs may undergo substantial changes. The general forecast remains guardedly positive, with the sector slowly adapting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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