The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The United Kingdom's secondhand car market is expected to see significant expansion in 2024, propelled by an surge in automobile supply and changing customer preferences. After a difficult 2023, where new automobile supply constraints due to semiconductor shortages and post-pandemic disruptions impacted the market, 2024 is expected to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With producers increasing production to satisfy demand and maintain plant utilization levels, the surge of new cars is anticipated to boost the used car market as well. Sales of used cars are projected to reach 7.3 million units in 2024, rising from an projected 7.05 million units in 2023. This expansion, nevertheless, still trails pre-pandemic levels of 7.9 million units in 2019​ (Grant automotive indutry Thornton)​.

One of the major trends to monitor is the cost variability of BEVs (BEVs) in the secondhand market. As technology improvements continue and governmental policies evolve, the sector for secondhand BEVs may see significant fluctuations. The general perspective remains guardedly positive, with the market gradually acclimating to current economic conditions and consumer preferences​ (Grant Thornton)​.
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