The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The United Kingdom's secondhand car market is anticipated to witness significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. Following a difficult 2023, where new automobile supply constraints due to semiconductor shortages and post-pandemic disruptions affected the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and sustain factory utilization rates, 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 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 battery electric vehicles (BEVs) in the used market. As tech developments advance and automotive indutry regulations develop, the sector for secondhand BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market gradually adjusting to new economic realities and customer demands​ (Grant Thornton)​.
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