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 anticipated to experience significant growth in 2024, driven by an increase in automobile inventory and shifting buyer needs. Following a difficult 2023, where new vehicle supply issues due to chip shortages and post-pandemic disruptions impacted the sector, 2024 is projected to be a year of recovery and stabilization​ (Grant Thornton)​​ (EY)​.

With producers ramping up output to fulfill demand and maintain factory utilization rates, the wave of new cars is anticipated to boost the secondhand car market as well. The sales of pre-owned vehicles are projected to attain 7.3 million vehicles in 2024, up from an estimated 7.05 million units in 2023. This expansion, however, still falls short of pre-COVID levels of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the key trends to monitor is the cost variability of automobile industry BEVs (BEVs) in the used market. As tech developments persist and governmental policies develop, the market for used BEVs may undergo considerable changes. The general outlook remains tentatively hopeful, with the market steadily adapting to new financial realities and buyer needs​ (Grant Thornton UK LLP)​.
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