The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

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The United Kingdom's secondhand car market is anticipated to witness substantial increase in 2024, driven by an rise 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 projected to be a period of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

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

One of the important trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As technology improvements persist and government policies change, the market automobile for used BEVs may experience significant fluctuations. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and consumer preferences​ (Grant Thornton UK LLP)​.
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