The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

Blog Article

The United Kingdom's used car market is projected to see considerable growth in 2024, fueled by an surge in vehicle availability and shifting customer preferences. After a tough 2023, where new vehicle shortages due to semiconductor shortages and post-pandemic interruptions impacted the market, 2024 is projected to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers increasing production to satisfy need and sustain factory utilization rates, the surge of new cars is projected to enhance the used car market as well. Sales of used cars are expected to hit 7.3 million vehicles in 2024, increasing from an projected 7.05 automobile industry million units in 2023. This increase, nonetheless, still falls short of before the pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the pricing volatility of BEVs (BEVs) in the secondhand market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see considerable fluctuations. The overall outlook remains cautiously optimistic, with the sector steadily acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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