The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The British used car market is anticipated to witness 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-COVID interruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to meet demand and keep up factory operation levels, the wave of new vehicles is expected to boost the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to reach 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for used BEVs may undergo substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and buyer needs​ (Grant automobile Thornton UK LLP)​.
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