The Secondhand Car Market's Comeback in 2024

The Secondhand Car Market's Comeback in 2024

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The UK’s pre-owned vehicle market is projected to see significant expansion in 2024, fueled by an rise in vehicle supply and evolving consumer demands. After a challenging 2023, where new car supply constraints due to microchip shortages and post-COVID disturbances influenced the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and sustain factory operation levels, the surge of new cars is projected to enhance the used car automotive market as well. Sales of pre-owned vehicles are expected to hit 7.3 million cars 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 cost variability of battery electric vehicles (BEVs) in the used market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience significant fluctuations. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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