The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

Blog Article

The UK’s secondhand car market is expected 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 issues due to chip shortages and post-COVID disruptions impacted the market, 2024 is expected to be a period of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers boosting production to meet demand and keep up factory operation levels, the influx of new cars is anticipated to increase the secondhand car market as well. Selling used cars are projected to reach 7.3 million vehicles in 2024, increasing from an expected automobile industry 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 secondhand market. As technology improvements persist and government policies change, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market gradually acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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