The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The British pre-owned vehicle market is projected to experience considerable growth in 2024, propelled by an increase in vehicle availability and shifting consumer demands. After a tough 2023, where new vehicle shortages due to semiconductor shortages and post-pandemic disruptions impacted the market, 2024 is projected to be a period of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to meet demand and keep up factory operation levels, the influx of new vehicles is anticipated to increase the pre-owned vehicle market as well. Selling 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 vehicles in 2019​ (Grant Thornton)​.

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