The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

Blog Article

The UK’s pre-owned vehicle market is expected to experience considerable increase in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a period of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to satisfy need and sustain factory utilization rates, the influx of new cars is projected to enhance the used car market as automobile well. Sales of pre-owned vehicles are expected to hit 7.3 million cars in 2024, rising from an projected 7.05 million in 2023. This growth, however, still lags behind pre-pandemic 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 tentatively hopeful, with the sector slowly adapting to current economic conditions and consumer preferences​ (Grant Thornton UK LLP)​.
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