The Used Car Market's Resurgence in 2024

The Used Car Market's Resurgence in 2024

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The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a tough 2023, where new automobile supply issues due to microchip shortages and post-pandemic disruptions affected the sector, 2024 is anticipated to be a year of revival and stability​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers increasing output to fulfill demand and maintain plant utilization levels, the wave of new automobiles is projected to boost the used car market as well. The sales of pre-owned vehicles are expected to hit 7.3 million cars in 2024, rising from an projected 7.05 million automobile units in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the price fluctuations of BEVs (BEVs) in the pre-owned market. As technology improvements advance and government policies develop, the market for pre-owned BEVs may undergo substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to new economic realities and consumer preferences​ (Grant Thornton UK LLP)​.
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