The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

Blog Article

The UK’s used car market is projected to see significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. Following a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic interruptions influenced the market, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers increasing output to fulfill need and maintain plant utilization levels, the surge of new cars is projected to enhance the used car market as well. Sales of pre-owned vehicles are expected to hit 7.3 million vehicles in 2024, rising from an projected 7.05 million units in 2023. This increase, nonetheless, still falls short of pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the price fluctuations of electric cars (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo substantial variability. The general perspective remains guardedly positive, with the market gradually adjusting to new economic realities automotive indutry and consumer preferences​ (Grant Thornton)​.
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