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 expected to witness substantial increase in 2024, driven by an surge in vehicle availability and shifting consumer demands. Following a tough 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions impacted the market, 2024 is projected to be a period of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers ramping up production to meet demand and keep up factory operation levels, the influx of new vehicles is anticipated to increase the secondhand car market as well. Selling automobile industry secondhand cars are projected to reach 7.3 million units in 2024, increasing from an expected 7.05 million in 2023. This expansion, nevertheless, still falls short of before the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the pricing volatility of battery electric vehicles (BEVs) in the used market. As technology improvements persist and government policies change, the market for pre-owned BEVs may experience significant fluctuations. The overall outlook remains cautiously optimistic, with the sector steadily acclimating to emerging financial realities and buyer needs​ (Grant Thornton)​.
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