The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The British used car market is projected to see significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. Following a challenging 2023, where new car supply constraints due to semiconductor shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to meet demand and maintain plant utilization levels, the wave of new automobiles is expected to boost the used car market as well. The sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, rising from an projected 7.05 million units in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech automotive indutry developments advance and regulations develop, the sector for secondhand BEVs may see 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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