The Secondhand Car Market's Revival in 2024

The Secondhand Car Market's Revival in 2024

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The British secondhand car market is expected to experience significant increase in 2024, propelled by an surge in vehicle supply and changing buyer needs. After a tough 2023, where new vehicle supply issues due to chip shortages and post-pandemic disturbances affected the sector, 2024 is expected to be a period of rebound and stability​ (Grant Thornton)​​ (EY)​.

With makers boosting output to satisfy need and keep up plant utilization levels, the surge of new cars is anticipated to enhance the secondhand car market as well. Selling secondhand cars are expected to hit 7.3 million vehicles in 2024, increasing from an expected 7.05 million in 2023. This growth, however, still falls short of before the pandemic numbers of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to watch is the price fluctuations of BEVs (BEVs) in automotive indutry the secondhand market. As technological advancements continue and governmental policies develop, the sector for pre-owned BEVs may see significant fluctuations. The general perspective remains guardedly positive, with the market steadily acclimating to current economic conditions and consumer preferences​ (Grant Thornton)​.
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