The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

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The UK’s pre-owned vehicle market is expected to experience substantial expansion in 2024, propelled by an increase in vehicle availability and shifting customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances influenced the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers increasing output to fulfill need and sustain 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 trails pre-COVID figures of 7.9 million units automobile industry 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 fluctuations. The general forecast remains tentatively hopeful, with the sector steadily acclimating to current economic conditions and buyer needs​ (Grant Thornton)​.
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