The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The United Kingdom's used car market is anticipated to see significant increase in 2024, driven by an rise in automobile supply and evolving consumer demands. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-pandemic disturbances affected 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 maintain plant utilization levels, the surge of new automobiles is projected to boost the used car market as well. The automobile sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, rising from an estimated 7.05 million in 2023. This growth, however, still lags behind pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As tech developments advance and governmental policies evolve, the sector for secondhand 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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