The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

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The British used car market is anticipated to witness significant increase in 2024, driven by an rise in car inventory and changing customer preferences. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic interruptions influenced the market, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers increasing output to fulfill need and sustain plant utilization levels, the surge of new cars is projected to enhance the used car market as well. Sales of used cars are expected to hit 7.3 million automobile vehicles in 2024, increasing from an projected 7.05 million units in 2023. This increase, nonetheless, still falls short of before the pandemic numbers 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 technological advancements continue and governmental policies evolve, the market for used BEVs may undergo substantial 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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