The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence 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 shifting consumer demands. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is anticipated to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and sustain factory utilization rates, the influx of new cars is anticipated to increase the secondhand car market as well. automotive Selling used cars are projected to reach 7.3 million vehicles in 2024, increasing from an expected 7.05 million units in 2023. This expansion, nevertheless, still falls short of before 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 fluctuations. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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