The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

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The United Kingdom's used car market is projected to see significant increase in 2024, driven by an rise in automobile inventory and changing buyer needs. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers boosting production to meet demand and keep up factory utilization rates, the surge of new cars is anticipated to enhance the secondhand car market as well. Sales of used cars are projected to reach automobile industry 7.3 million vehicles in 2024, increasing from an expected 7.05 million units in 2023. This increase, nonetheless, still falls short of before the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the pricing volatility of battery electric vehicles (BEVs) in the secondhand market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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