The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The United Kingdom's secondhand car market is expected to witness substantial expansion in 2024, propelled 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 disturbances influenced the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers increasing output to fulfill demand and maintain plant utilization levels, the wave of new automobiles is expected to boost the pre-owned vehicle market as well. The sales of pre-owned vehicles are anticipated to attain 7.3 million cars 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 automobile industry 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 see considerable fluctuations. The overall outlook remains cautiously optimistic, with the market gradually acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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