The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The UK’s pre-owned vehicle market is expected to experience considerable expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a tough 2023, where new vehicle shortages due to semiconductor shortages and post-pandemic disturbances influenced the market, 2024 is anticipated to be a period of revival and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers increasing output to fulfill need and maintain factory utilization rates, the influx of new cars is anticipated to enhance the secondhand car market as well. Selling used cars are projected to reach 7.3 million vehicles in 2024, increasing from an expected 7.05 million units in 2023. This expansion, nonetheless, 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 pricing volatility of battery electric vehicles (BEVs) in the used market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging financial realities automobile industry and customer demands​ (Grant Thornton)​.
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