The Used Car Market's Revival in 2024

The Used Car Market's Revival in 2024

Blog Article

The British secondhand car market is expected to witness significant increase in 2024, fueled by an surge in car inventory and changing buyer needs. Following a tough 2023, where new vehicle supply constraints due to semiconductor shortages and post-COVID disruptions influenced the market, 2024 is expected to be a year of rebound and normalization​ (Grant Thornton UK LLP)​​ (EY)​.

With manufacturers boosting production to satisfy demand and keep up factory operation levels, the surge of new automobiles is expected to enhance the used car market as well. The sales of secondhand cars are expected to attain 7.3 million units in 2024, increasing from an projected 7.05 million in 2023. This increase, however, still trails before the automotive pandemic figures of 7.9 million cars in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to monitor is the pricing volatility of electric cars (BEVs) in the used market. As technology improvements advance and governmental policies change, the market for pre-owned BEVs may undergo significant variability. The general outlook remains guardedly positive, with the sector gradually adapting to emerging economic realities and buyer needs​ (Grant Thornton)​.
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