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 projected to see considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances influenced 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 surge of new cars is projected to enhance the secondhand car market as well. Sales of used cars are projected to reach 7.3 million vehicles in 2024, increasing from an expected 7.05 million units in 2023. This expansion, nevertheless, still falls short of before the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for secondhand BEVs may see considerable variability. The overall perspective remains guardedly positive, with automotive indutry the market gradually adjusting to new financial realities and customer demands​ (Grant Thornton)​.
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