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 rise in automobile supply and evolving consumer demands. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions impacted the market, 2024 is projected to be a period of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers boosting production to meet demand and keep up factory operation levels, the wave of new automobiles is expected to boost the used car market as well. automobile The sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, rising from an projected 7.05 million units in 2023. This increase, however, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the pricing volatility of BEVs (BEVs) in the secondhand market. As technology improvements persist and government policies change, the market for pre-owned BEVs may experience significant fluctuations. The overall forecast remains tentatively hopeful, with the sector steadily adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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