The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, propelled by an surge in vehicle availability and shifting consumer demands. After a tough 2023, where new vehicle shortages due to semiconductor 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 vehicles is expected to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to reach 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures of 7.9 automotive million vehicles in 2019 (Grant Thornton).
One of the important trends to monitor is the cost variability of electric cars (BEVs) in the pre-owned market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see significant fluctuations. The overall outlook remains cautiously optimistic, with the sector steadily acclimating to current economic conditions and buyer needs (Grant Thornton UK LLP).
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