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 projected to experience considerable growth in 2024, fueled by an surge in automobile supply and evolving buyer needs. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to meet demand and maintain factory utilization rates, the influx of new cars is anticipated to increase the secondhand car market as well. automotive indutry Selling used cars are projected to reach 7.3 million vehicles in 2024, increasing from an expected 7.05 million units in 2023. This expansion, nonetheless, 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 tech developments advance and regulations develop, the sector for pre-owned BEVs may see considerable variability. The overall perspective remains cautiously optimistic, with the market gradually adjusting to emerging financial realities and customer demands​ (Grant Thornton)​.
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