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 used car market is anticipated to see significant increase in 2024, driven by an rise in automobile supply and evolving consumer demands. After a tough 2023, where new car supply constraints due to semiconductor shortages and post-pandemic interruptions influenced the market, 2024 is expected to be a period of revival 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 projected to boost the used car market as well. The sales of pre-owned vehicles are expected to attain 7.3 million automotive indutry cars in 2024, rising from an projected 7.05 million in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the price fluctuations of BEVs (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo substantial variability. The overall perspective remains guardedly positive, with the market gradually adjusting to new financial realities and customer demands​ (Grant Thornton)​.
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