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 witness significant expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a challenging 2023, where new vehicle shortages due to semiconductor shortages and post-pandemic disturbances influenced the market, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers increasing output to fulfill need and sustain plant utilization levels, the surge of new cars is projected to enhance the used car market as well. Sales of used cars are expected automotive indutry to hit 7.3 million vehicles in 2024, rising from an projected 7.05 million units in 2023. This increase, nonetheless, still falls short of 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 government policies change, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market gradually adjusting to emerging financial realities and customer demands​ (Grant Thornton)​.
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