The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival 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 vehicle availability and shifting consumer demands. Following a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disruptions affected the sector, 2024 is projected to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and maintain plant utilization levels, the surge of new automobiles is anticipated to boost the used car market as well. automotive indutry Sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, rising from an projected 7.05 million in 2023. This growth, however, still lags behind pre-pandemic figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market gradually adjusting to new economic realities and consumer preferences​ (Grant Thornton)​.
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