The Used Car Market's Comeback in 2024

The Used Car Market's Comeback 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 buyer needs. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-pandemic disturbances influenced 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 factory utilization rates, the influx of new vehicles is anticipated to increase the automotive secondhand car market as well. Selling used cars are projected to reach 7.3 million units in 2024, increasing from an expected 7.05 million in 2023. This expansion, nevertheless, 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 continue and government policies change, the market for used BEVs may experience significant fluctuations. The overall forecast remains tentatively hopeful, with the sector steadily acclimating to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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