The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

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The United Kingdom's secondhand car market is expected to see significant expansion in 2024, propelled by an surge in vehicle supply and changing customer preferences. After a tough 2023, where new automobile supply constraints due to chip shortages and post-COVID interruptions influenced the sector, 2024 is projected to be a period of revival and normalization​ (Grant Thornton)​​ (EY)​.

With makers boosting output to fulfill need and sustain factory utilization rates, the influx of new vehicles is projected to enhance the secondhand car market as well. Selling secondhand cars are anticipated to attain 7.3 million cars in 2024, increasing from an expected 7.05 million in 2023. This growth, automobile industry however, still lags behind pre-pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the important trends to observe is the price fluctuations of battery electric vehicles (BEVs) in the used market. As technological advancements continue and regulations develop, the sector for pre-owned BEVs may experience substantial changes. The general perspective remains cautiously optimistic, with the sector steadily adapting to new economic realities and customer demands​ (Grant Thornton)​.
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