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 secondhand car market is expected to experience substantial expansion in 2024, fueled by an surge in vehicle availability and shifting consumer demands. After a tough 2023, where new vehicle shortages due to semiconductor shortages and post-pandemic disturbances influenced the sector, 2024 is anticipated to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and sustain factory utilization rates, 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 automobile industry million units in 2023. This increase, nonetheless, 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 technology improvements persist and regulations develop, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market gradually adjusting to emerging financial realities and customer demands​ (Grant Thornton)​.
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