The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

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The United Kingdom's used car market is anticipated to see significant increase in 2024, driven by an increase in car inventory and changing customer preferences. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic disturbances influenced 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 need and sustain factory utilization rates, the surge of new cars automobile industry is projected to enhance the used car market as well. Sales of pre-owned vehicles are expected to hit 7.3 million cars in 2024, rising from an expected 7.05 million in 2023. This expansion, nevertheless, still falls short of before the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the pricing volatility of battery electric vehicles (BEVs) in the used market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see considerable fluctuations. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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