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 anticipated to see significant increase in 2024, driven by an rise in automobile supply and changing buyer needs. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic disturbances influenced the sector, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers increasing output to fulfill need and sustain factory utilization rates, the surge of new cars is anticipated to enhance the secondhand car market as well. Sales of 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 automobile Thornton)​.

One of the major trends to watch is the pricing volatility of BEVs (BEVs) in the secondhand market. As technological advancements continue and governmental policies evolve, the market for used BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the sector slowly adapting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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