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 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 keep up factory operation levels, the wave of new vehicles is expected to boost the pre-owned vehicle market automotive indutry as well. The sales of secondhand cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This growth, nevertheless, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton)​.

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 develop, the sector for secondhand BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market gradually adjusting to new economic realities and consumer preferences​ (Grant Thornton)​.
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