The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

Blog Article

The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an surge in automobile supply and evolving buyer needs. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a period of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to meet demand and keep up factory operation levels, the wave of new vehicles is expected to increase the pre-owned vehicle market as well. The sales automotive of secondhand cars are anticipated to attain 7.3 million cars in 2024, up from an estimated 7.05 million in 2023. This growth, however, still trails 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 technology improvements persist and government policies change, the market for used BEVs may experience significant fluctuations. The general forecast remains tentatively hopeful, with the sector steadily adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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