The Secondhand Car Market's Comeback in 2024

The Secondhand Car Market's Comeback in 2024

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The British used car market is projected to see significant increase in 2024, driven by an increase in car inventory and changing buyer needs. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic interruptions influenced the market, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers increasing output to satisfy need and sustain factory utilization rates, the surge of new cars is anticipated to enhance the secondhand car market as well. Sales of used cars are projected to reach 7.3 million vehicles in 2024, increasing from an expected 7.05 million units in 2023. This increase, nonetheless, still falls short of 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 automobile vehicles (BEVs) in the used market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience significant fluctuations. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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