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 see significant increase in 2024, driven by an rise in automobile supply and evolving consumer demands. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to meet demand and keep up factory operation levels, the wave of new vehicles is expected to boost the pre-owned vehicle market as well. The sales of pre-owned vehicles are anticipated to attain 7.3 million cars in 2024, rising from an estimated automobile 7.05 million in 2023. This growth, however, still trails pre-COVID figures of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for used BEVs may undergo 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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