The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The United Kingdom's pre-owned vehicle market is projected to see significant expansion in 2024, driven by an surge in automobile supply and changing customer preferences. Following a difficult 2023, where new vehicle supply constraints due to chip shortages and post-pandemic interruptions affected the market, 2024 is anticipated to be a year of recovery and stabilization​ (Grant Thornton)​​ (EY US)​.

With makers increasing production to satisfy demand and keep up plant utilization levels, the surge of new cars is anticipated to enhance the used car market as well. Selling pre-owned vehicles are projected to hit 7.3 million cars in 2024, increasing from an estimated 7.05 million in 2023. This expansion, however, still lags behind pre-pandemic levels of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to observe is the price fluctuations of BEVs (BEVs) in the secondhand market. As technology improvements continue and governmental policies develop, the sector for secondhand BEVs may experience significant changes. The general automobile perspective remains guardedly positive, with the market gradually acclimating to current economic conditions and customer demands​ (Grant Thornton)​.
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