The UK’s pre-owned vehicle market is projected to experience considerable growth in 2024, fueled by an rise in automobile supply and evolving buyer needs. Following a difficult 2023, where new automobile supply constraints due to chip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and normalization (Grant Thornton) (EY).
With producers boosting output to meet demand and keep up factory operation levels, the influx of new vehicles is expected to increase the pre-owned vehicle market as well. Selling secondhand cars are projected to reach 7.3 million automobile industry 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 cost variability of battery electric vehicles (BEVs) in the used market. As technological advancements continue and government policies change, the market for used BEVs may experience significant fluctuations. The general forecast remains tentatively hopeful, with the sector steadily adjusting to emerging economic conditions and customer demands (Grant Thornton).
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