The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The British secondhand car market is expected to witness substantial expansion in 2024, propelled by an increase in car inventory and shifting buyer needs. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With manufacturers ramping up production to satisfy need and sustain factory utilization rates, the influx of new cars is automotive anticipated to increase the secondhand car market as well. Selling used cars are projected to reach 7.3 million units in 2024, increasing from an expected 7.05 million in 2023. This expansion, nevertheless, 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 technological advancements continue and governmental policies evolve, the market for pre-owned BEVs may see considerable fluctuations. The overall outlook remains cautiously optimistic, with the sector steadily acclimating to emerging economic conditions and buyer needs​ (Grant Thornton)​.
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