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 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 issues due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is anticipated to be a year of rebound and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and sustain factory utilization rates, the influx of new cars is anticipated to increase the secondhand car market as well. Selling used cars are projected to reach 7.3 million units in automobile 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 the cost variability of electric cars (BEVs) in the used market. As technological advancements continue and governmental policies evolve, the market for used BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the sector slowly adjusting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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