The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence 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 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 normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers increasing output to fulfill need and maintain plant utilization levels, the surge of new automobiles is projected to enhance the used car market as well. Sales of used automotive cars are expected to hit 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 vehicles (BEVs) in the used market. As technology improvements persist and government policies change, the market for pre-owned BEVs may experience significant fluctuations. The overall outlook remains cautiously optimistic, with the sector steadily acclimating to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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