The Pre-Owned Vehicle Market's Comeback in 2024

The Pre-Owned Vehicle Market's Comeback in 2024

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The United Kingdom's secondhand car market is projected to witness considerable increase in 2024, fueled by an rise in vehicle supply and changing buyer needs. After a difficult 2023, where new car supply issues due to chip shortages and post-pandemic disruptions influenced the sector, 2024 is expected to be a year of recovery and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers boosting output to satisfy demand and sustain factory operation levels, the surge of new cars is expected to enhance the secondhand car market as well. The sales of used cars are anticipated to hit 7.3 million vehicles in 2024, up from an projected 7.05 million units in 2023. This growth, nonetheless, still trails pre-pandemic levels of 7.9 million cars in 2019​ (Grant Thornton UK LLP)​.

One automobile industry of the key trends to monitor is the price fluctuations of battery electric vehicles (BEVs) in the pre-owned market. As tech developments persist and governmental policies develop, the market for used BEVs may see significant changes. The general outlook remains tentatively hopeful, with the market gradually adapting to new financial realities and buyer needs​ (Grant Thornton UK LLP)​.
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