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 vehicle shortages due to microchip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a year of recovery and stability (Grant Thornton) (EY).
With makers ramping up production to satisfy need and sustain factory utilization rates, the surge of new cars is projected to enhance the used car market as well. Sales of used cars are expected to hit 7.3 million vehicles in 2024, rising from an projected 7.05 million units in 2023. This increase, nonetheless, still lags behind pre-pandemic levels of 7.9 million units in 2019 (Grant Thornton UK LLP).
One of the automotive indutry important trends to observe is the price fluctuations of BEVs (BEVs) in the pre-owned market. As tech developments advance and governmental policies change, the sector for used BEVs may experience significant fluctuations. The general outlook remains tentatively hopeful, with the market steadily adjusting to current economic realities and customer demands (Grant Thornton UK LLP).
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