The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

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The British used car market is expected to see considerable increase in 2024, fueled by an rise in vehicle inventory and shifting customer preferences. Following a challenging 2023, where new automobile shortages due to chip shortages and post-pandemic interruptions affected the market, 2024 is anticipated to be a period of rebound and stabilization​ (Grant Thornton)​​ (EY)​.

With producers ramping up output to satisfy demand and sustain plant utilization levels, the influx of new automobiles is anticipated to boost the secondhand car market automobile as well. The sales of used cars are anticipated to hit 7.3 million units in 2024, rising from an expected 7.05 million in 2023. This increase, nevertheless, still lags behind pre-COVID levels of 7.9 million cars in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to monitor is the price fluctuations of battery electric vehicles (BEVs) in the secondhand market. As technological advancements advance and government policies evolve, the sector for used BEVs may undergo considerable changes. The general outlook remains tentatively hopeful, with the market steadily adjusting to emerging economic conditions and customer demands​ (Grant Thornton)​.
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