The Used Car Market's Comeback in 2024

The Used Car Market's Comeback in 2024

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The British pre-owned vehicle market is projected to experience considerable growth in 2024, fueled by an surge in vehicle supply and evolving buyer needs. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to meet demand and maintain plant utilization levels, the wave of new automobiles is expected to boost the used car market as well. The sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, rising from an projected 7.05 million in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the cost variability of electric automotive indutry cars (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo substantial variability. The general perspective remains guardedly positive, with the market gradually adjusting to new economic realities and consumer preferences​ (Grant Thornton)​.
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