The Pre-Owned Vehicle Market's Resurgence in 2024

The Pre-Owned Vehicle Market's Resurgence in 2024

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The British pre-owned vehicle market is expected to experience considerable expansion in 2024, propelled 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 interruptions impacted the market, 2024 is expected to be a period of revival and normalization​ (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 increase the pre-owned vehicle market automotive indutry as well. Selling secondhand cars are anticipated to reach 7.3 million units in 2024, up from an expected 7.05 million in 2023. This expansion, nevertheless, still trails before the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments persist and regulations develop, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market gradually adjusting to emerging financial realities and customer demands​ (Grant Thornton)​.
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