The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The British used car market is anticipated to see significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. Following a difficult 2023, where new automobile supply constraints 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)​.

With makers boosting output to meet 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 hit 7.3 million automotive cars in 2024, rising from an projected 7.05 million units in 2023. This increase, however, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the price fluctuations of BEVs (BEVs) in the secondhand market. As technology improvements persist and regulations change, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the sector steadily acclimating to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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