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 anticipated to witness substantial expansion in 2024, propelled by an increase in car inventory and shifting consumer demands. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to satisfy demand and keep up factory operation levels, the automobile wave of new vehicles is expected to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for used BEVs may undergo substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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