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 changing buyer needs. After a challenging 2023, where new car supply constraints due to chip shortages and post-COVID disruptions impacted the market, 2024 is expected to be a period of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers boosting output to meet demand and maintain plant utilization levels, the wave of new automobiles is expected to boost the used car market as well. The sales of pre-owned vehicles are expected to hit 7.3 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 automobile industry 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 secondhand BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market gradually acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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