The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The United Kingdom's secondhand car market is anticipated to witness significant increase in 2024, driven by an rise in automobile supply and evolving consumer demands. Following a tough 2023, where new vehicle shortages due to microchip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and sustain plant utilization levels, the surge of new cars is projected to enhance the used car market as well. Sales of pre-owned vehicles are expected to hit 7.3 million vehicles in 2024, rising from an projected 7.05 million units in 2023. This expansion, however, still falls short of before the pandemic figures of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the pricing volatility of automotive indutry battery electric vehicles (BEVs) in the used market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see significant fluctuations. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging financial realities and consumer preferences​ (Grant Thornton UK LLP)​.
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