The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

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The UK’s pre-owned vehicle market is projected to experience considerable growth in 2024, fueled by an surge in vehicle availability and evolving consumer demands. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions impacted the sector, 2024 is projected to be a period of recovery and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers increasing production to satisfy need and sustain factory utilization rates, the surge of new cars is anticipated to enhance the secondhand car market as well. Sales of used cars are projected to hit 7.3 automobile industry million cars in 2024, rising from an projected 7.05 million units in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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