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 consumer demands. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disruptions affected the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers increasing output to fulfill need and sustain factory utilization rates, the surge of new cars is projected to enhance the secondhand car market as well. Sales of used cars are expected to hit 7.3 million vehicles in 2024, increasing from an projected 7.05 automobile industry million units in 2023. This increase, nonetheless, still falls short of 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 sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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