The Secondhand Car Market's Comeback in 2024

The Secondhand Car Market's Comeback in 2024

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

With producers increasing output to fulfill need and maintain factory operation levels, the wave of new automobiles is expected to boost the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain 7.3 million units in 2024, up from an expected 7.05 million in 2023. This expansion, nevertheless, still trails pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the major trends to observe is the price fluctuations of BEVs (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting automotive indutry to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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