The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

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The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an increase in car inventory and changing customer preferences. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic interruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers boosting production to meet demand and keep up factory operation levels, the wave of new vehicles is expected to boost the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain automotive 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This growth, nevertheless, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton)​.

One of the major trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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