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 secondhand car market is expected to experience substantial growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a tough 2023, where new vehicle shortages 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 makers ramping up production to satisfy demand and keep up factory operation levels, the influx of new vehicles is expected to increase the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This growth, however, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the automobile industry cost variability of electric cars (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo considerable variability. The overall perspective remains guardedly positive, with the market gradually adjusting to emerging financial realities and customer demands​ (Grant Thornton)​.
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