The Secondhand Car Market's Comeback in 2024

The Secondhand Car Market's Comeback in 2024

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The British used car market is projected to see considerable growth in 2024, fueled by an surge in vehicle availability and evolving consumer demands. Following a tough 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 stabilization​ (Grant Thornton)​​ (EY)​.

With makers boosting production to meet demand and keep up factory operation levels, the wave of new cars is anticipated to enhance the 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 trails before automobile the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the cost variability of battery electric vehicles (BEVs) in the used market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience significant changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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