The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

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The UK’s pre-owned vehicle market is projected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-pandemic disturbances influenced the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

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

One of the important trends to observe is the price fluctuations of electric cars (BEVs) in the pre-owned 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 slowly adjusting to automobile new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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