The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The United Kingdom's used car market is anticipated to see significant increase in 2024, driven by an rise in automobile supply and evolving consumer demands. Following a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances affected 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 boost the used car market as well. The sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, rising from an estimated 7.05 million in automobile 2023. This growth, however, still lags behind pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the sector for secondhand BEVs may undergo substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and consumer preferences​ (Grant Thornton UK LLP)​.
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