The Pre-Owned Vehicle Market's Comeback in 2024

The Pre-Owned Vehicle Market's Comeback in 2024

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The United Kingdom's pre-owned vehicle market is expected to witness significant growth in 2024, propelled by an rise in vehicle availability and changing buyer needs. Following a challenging 2023, where new car supply issues due to semiconductor shortages and post-COVID disruptions influenced the market, 2024 is projected to be a year of revival and stability​ (Grant Thornton UK LLP)​​ (EY)​.

With manufacturers boosting production to fulfill demand and sustain factory operation levels, the influx of new automobiles is anticipated to enhance the pre-owned vehicle market as well. Selling pre-owned vehicles are anticipated to hit 7.3 million cars in 2024, increasing from an projected 7.05 million in 2023. This automobile increase, nevertheless, still falls short of pre-COVID numbers of 7.9 million units in 2019​ (Grant Thornton)​.

One of the key trends to monitor is the pricing volatility of electric cars (BEVs) in the used market. As tech developments continue and regulations evolve, the sector for used BEVs may see substantial variability. The general outlook remains tentatively hopeful, with the market slowly acclimating to current financial realities and consumer preferences​ (Grant Thornton)​.
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