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 expected to experience substantial expansion in 2024, propelled by an increase in car availability and changing customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to satisfy need and keep up factory operation levels, the influx of new vehicles is anticipated to increase the secondhand car market as well. Selling secondhand cars are projected to reach 7.3 million units in 2024, increasing from an expected 7.05 million in 2023. This expansion, nevertheless, still trails before the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is automobile the cost variability of battery electric vehicles (BEVs) in the used market. As technological advancements continue and governmental policies evolve, the market 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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