The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival 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 consumer demands. Following a difficult 2023, where new vehicle shortages due to semiconductor shortages and post-pandemic interruptions influenced 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 maintain plant utilization levels, the wave of new automobiles is expected to boost the pre-owned vehicle market as well. The sales of pre-owned vehicles are anticipated to attain 7.3 million cars 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 major trends to monitor is the cost automotive variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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