The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

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The British used car market is projected to see significant increase in 2024, driven by an rise in automobile supply and changing buyer needs. Following a difficult 2023, where new automobile supply constraints 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 factory operation levels, the influx of new vehicles is anticipated to increase the secondhand car market automotive indutry as well. Selling secondhand cars are projected to reach 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for secondhand BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market slowly adjusting to new economic realities and consumer preferences​ (Grant Thornton)​.
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