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 expected to experience substantial expansion in 2024, propelled by an increase in vehicle availability and shifting customer preferences. After a challenging 2023, where new car shortages due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is anticipated to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and sustain factory operation levels, the wave of new vehicles is expected to increase the pre-owned vehicle market as well. Selling automotive secondhand cars are anticipated to reach 7.3 million units in 2024, up from an expected 7.05 million in 2023. This expansion, nevertheless, still trails before the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the pricing volatility of battery electric vehicles (BEVs) in the used market. As technology improvements continue and government policies evolve, the market for used BEVs may experience significant fluctuations. The general forecast remains tentatively hopeful, with the sector steadily acclimating to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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