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 pre-owned vehicle market is projected to see significant increase in 2024, propelled by an increase in vehicle supply and evolving customer preferences. After a tough 2023, where new automobile supply issues due to semiconductor shortages and post-pandemic disturbances affected the market, 2024 is expected to be a period of rebound and normalization​ (Grant Thornton)​​ (EY)​.

With makers boosting output to satisfy need and keep up factory operation levels, the wave of new automobiles automotive indutry is anticipated to increase the pre-owned vehicle market as well. The sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, increasing from an expected 7.05 million in 2023. This expansion, however, still lags behind pre-pandemic levels of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to observe is the price fluctuations of BEVs (BEVs) in the secondhand market. As technological advancements continue and governmental policies develop, the sector for pre-owned BEVs may see significant fluctuations. The general perspective remains guardedly positive, with the market gradually acclimating to current economic conditions and consumer preferences​ (Grant Thornton)​.
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