The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

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The British pre-owned vehicle market is projected to experience considerable expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic interruptions impacted the market, 2024 is expected to be a period of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers boosting production to meet demand and keep up factory operation levels, the influx of new vehicles is expected to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures of 7.9 million vehicles 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 automobile evolve, the market for used BEVs may experience significant changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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