The Secondhand Car Market's Comeback in 2024

The Secondhand Car Market's Comeback in 2024

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The United Kingdom's secondhand car market is anticipated to witness substantial expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a challenging 2023, where new car supply constraints due to chip shortages and post-COVID interruptions impacted 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 surge of new automobiles is projected to boost the used car market as well. The sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, rising from an projected 7.05 million in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for pre-owned BEVs may see considerable variability. The general perspective remains guardedly positive, with the market gradually adjusting to new economic automotive indutry realities and consumer preferences​ (Grant Thornton)​.
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