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 secondhand car market is anticipated to witness substantial expansion in 2024, propelled by an increase in car inventory and changing 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 surge of new cars is projected to enhance the used 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, however, still automotive indutry lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe 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 perspective remains guardedly positive, with the market gradually adjusting to new economic realities and customer demands​ (Grant Thornton)​.
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