The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

Blog Article

The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting customer preferences. After a tough 2023, where new vehicle shortages 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 influx of new cars is anticipated to increase the secondhand automotive car market as well. Selling used cars are projected to reach 7.3 million vehicles in 2024, rising from an projected 7.05 million units in 2023. This increase, however, 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 pricing volatility of BEVs (BEVs) in the secondhand market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see significant fluctuations. The overall outlook remains cautiously optimistic, with the sector steadily acclimating to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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