The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The UK’s secondhand car market is expected to witness substantial expansion in 2024, propelled by an increase in car 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 operation levels, the influx of new vehicles is anticipated to increase the secondhand car automobile market as well. Selling used cars are projected to reach 7.3 million vehicles in 2024, increasing from an projected 7.05 million units in 2023. This increase, nonetheless, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to observe is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market slowly adjusting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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