The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

Blog Article

The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a tough 2023, where new vehicle supply issues due to semiconductor shortages and post-pandemic interruptions influenced the market, 2024 is expected to be a period of revival and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to fulfill demand and maintain factory operation levels, the influx of new vehicles is anticipated to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to reach 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience significant changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic automotive conditions and buyer needs​ (Grant Thornton UK LLP)​.
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