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 projected to see significant increase in 2024, driven by an rise in automobile supply and evolving consumer demands. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions impacted the market, 2024 is projected to be a period of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers boosting production to meet demand and keep up factory operation levels, the wave of new vehicles is expected to increase the pre-owned vehicle market as well. The sales of secondhand cars are anticipated automotive indutry to attain 7.3 million units in 2024, up 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 pricing volatility of battery electric vehicles (BEVs) in the used market. As technological advancements continue and governmental policies evolve, the market for used BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market slowly adjusting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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