The Used Car Market's Comeback in 2024

The Used Car Market's Comeback 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 customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers increasing production to satisfy need and sustain plant utilization levels, the wave of new automobiles is projected to boost the used car market as well. The sales of secondhand cars are projected to reach 7.3 million units in 2024, increasing from an expected 7.05 million in 2023. This expansion, nevertheless, 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 automotive indutry (BEVs) in the secondhand market. As technology improvements persist and government policies change, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market gradually acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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