The UK’s pre-owned vehicle market is projected to experience considerable growth in 2024, fueled by an surge in automobile supply and evolving buyer needs. Following a tough 2023, where new car supply constraints due to chip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and stabilization (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 used automobile industry 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 units in 2023. This increase, however, still lags behind pre-pandemic levels of 7.9 million units in 2019 (Grant Thornton UK LLP).
One of the key trends to watch is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging financial realities and customer demands (Grant Thornton).
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