The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, propelled by an surge in vehicle availability and shifting consumer demands. Following a tough 2023, where new automobile supply issues due to microchip shortages and post-pandemic disturbances affected 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 secondhand car market as well. Sales of used cars are expected to hit 7.3 million vehicles in 2024, rising from an projected 7.05 million units in 2023. This increase, nonetheless, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK automotive LLP)​.

One of the key trends to watch is the price fluctuations of BEVs (BEVs) in the secondhand market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience significant changes. The general forecast remains tentatively hopeful, with the sector steadily adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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