The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The British pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. After a tough 2023, where new vehicle shortages 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)​.

With makers boosting production 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 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 lags behind pre-COVID figures of 7.9 million vehicles in 2019​ automotive indutry (Grant Thornton UK LLP)​.

One of the important trends to observe is the price fluctuations of electric cars (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo substantial variability. The general perspective remains guardedly positive, with the market gradually adjusting to new economic realities and consumer preferences​ (Grant Thornton)​.
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