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 considerable growth in 2024, fueled by an surge in automobile supply and evolving consumer demands. Following a tough 2023, where new automobile supply issues due to microchip shortages and post-pandemic disruptions affected the sector, 2024 is anticipated to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and sustain plant utilization levels, the surge of new cars is projected to enhance the used car market as well. Sales of used cars are projected to hit 7.3 million vehicles in 2024, increasing from an expected 7.05 million units in 2023. This expansion, nonetheless, 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 technology improvements advance and regulations develop, the sector automotive indutry for secondhand BEVs may experience substantial changes. The general perspective remains guardedly positive, with the market gradually adjusting to new economic realities and customer demands​ (Grant Thornton)​.
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