The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disruptions affected the sector, 2024 is projected to be a year of rebound and stability (Grant Thornton) (EY).
With manufacturers ramping up production to satisfy need and sustain factory operation levels, the influx of new vehicles is anticipated to increase the secondhand car market as well. Selling secondhand cars are projected 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 million vehicles in 2019 (Grant Thornton).
One of the important trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo automotive indutry substantial changes. The general perspective remains guardedly positive, with the market gradually adjusting to new economic realities and consumer preferences (Grant Thornton).
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