The Secondhand Car Market's Resurgence in 2024

The Secondhand Car Market's Resurgence in 2024

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The British secondhand car market is expected to see substantial growth in 2024, driven by an increase in vehicle inventory and shifting buyer needs. After a tough 2023, where new automobile shortages due to chip shortages and post-pandemic disturbances impacted the market, 2024 is projected to be a period of rebound and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With producers ramping up production to fulfill demand and maintain factory utilization rates, the wave of new automobiles is anticipated to increase the used car market as well. Selling pre-owned vehicles are projected to attain 7.3 million vehicles in 2024, up from an projected 7.05 million in 2023. This growth, nonetheless, still trails pre-pandemic figures of 7.9 million units in 2019​ (Grant Thornton)​.

One of the key trends to monitor is the price fluctuations automotive of battery electric vehicles (BEVs) in the pre-owned market. As technological advancements advance and government policies develop, the market for secondhand BEVs may experience substantial fluctuations. The general forecast remains guardedly positive, with the sector gradually adapting to emerging economic realities and buyer needs​ (Grant Thornton)​.
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