The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

Blog Article

The United Kingdom's secondhand car market is anticipated to witness substantial expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a challenging 2023, where new car supply constraints due to chip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of recovery and stabilization​ (Grant Thornton)​​ (EY)​.

With makers boosting production to meet demand and keep up factory operation levels, the influx of new vehicles is expected to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to reach 7.3 million units in 2024, up from an estimated 7.05 million units in 2023. This increase, nonetheless, still falls short of before the pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the pricing volatility of battery electric vehicles (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo substantial changes. The general perspective automotive indutry remains guardedly positive, with the market gradually adjusting to new economic realities and consumer preferences​ (Grant Thornton)​.
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