The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The British pre-owned vehicle market is projected to witness considerable increase in 2024, propelled by an surge in automobile inventory and shifting buyer needs. After a tough 2023, where new automobile shortages due to microchip shortages and post-COVID disturbances affected the market, 2024 is anticipated to be a year of recovery and stabilization​ (Grant Thornton)​​ (EY)​.

With producers increasing production to meet demand and sustain factory operation levels, the wave of new cars is anticipated to boost the used car market automobile industry as well. Selling secondhand cars are expected to hit 7.3 million units in 2024, up from an projected 7.05 million units in 2023. This expansion, however, still falls short of before the pandemic figures of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the major trends to observe is the price fluctuations of battery electric vehicles (BEVs) in the used market. As technological advancements advance and regulations change, the market for secondhand BEVs may see significant fluctuations. The general perspective remains cautiously optimistic, with the sector slowly adjusting to emerging economic conditions and consumer preferences​ (Grant Thornton)​.
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