The Secondhand Car Market's Comeback in 2024

The Secondhand Car Market's Comeback in 2024

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

With producers increasing output to fulfill demand and maintain factory operation levels, the influx of new vehicles is anticipated to increase the secondhand car market as well. Selling secondhand cars are projected to hit 7.3 million cars in 2024, rising from an projected 7.05 million units in 2023. This increase, however, still lags automotive indutry behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe 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 perspective remains guardedly positive, with the market gradually adjusting to emerging financial realities and customer demands​ (Grant Thornton)​.
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