The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The UK’s secondhand car market is expected to experience considerable growth in 2024, fueled by an surge in vehicle supply and evolving buyer needs. Following a challenging 2023, where new car shortages due to microchip shortages and post-pandemic disruptions affected the market, 2024 is expected to be a year of rebound and stability​ (Grant Thornton UK LLP)​​ (EY US)​.

With manufacturers ramping up production to meet demand and sustain factory utilization rates, the influx of new vehicles is expected to enhance the secondhand car market as well. Selling secondhand cars are anticipated to attain 7.3 million cars in 2024, rising from an projected 7.05 million units in 2023. This increase, nevertheless, still trails pre-COVID levels of 7.9 million cars in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to monitor is the cost variability of electric cars (BEVs) in the secondhand market. As technology improvements continue and regulations develop, the market for secondhand BEVs may see significant changes. The overall forecast remains guardedly positive, with the sector slowly adjusting to automotive indutry current economic realities and customer demands​ (Grant Thornton UK LLP)​.
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