The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

Blog Article

The UK’s secondhand car market is expected to witness substantial expansion in 2024, propelled by an increase in car availability and shifting consumer demands. After a tough 2023, where new vehicle shortages due to microchip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to satisfy need and sustain factory utilization rates, the influx of new cars is anticipated to enhance the secondhand car market as well. Sales of used cars are projected to hit 7.3 million vehicles in 2024, increasing from an projected 7.05 million units in 2023. This increase, nonetheless, still falls short of pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for pre-owned BEVs may see considerable variability. The overall outlook automotive indutry remains guardedly positive, with the market gradually adjusting to emerging financial realities and customer demands​ (Grant Thornton)​.
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