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 expected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-pandemic disruptions affected the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to satisfy demand and keep up factory operation levels, the influx of new vehicles is anticipated to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to attain automobile 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 important trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the sector for secondhand BEVs may undergo substantial changes. The general perspective remains tentatively hopeful, with the sector slowly adapting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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