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 difficult 2023, where new vehicle shortages due to semiconductor shortages and post-pandemic disturbances influenced the market, 2024 is anticipated to be a year of rebound and normalization​ (Grant Thornton)​​ (EY US)​.

With manufacturers increasing output to fulfill need and sustain factory utilization rates, the surge of new cars is projected to enhance the secondhand car market as well. Sales of used cars are projected to reach 7.3 million vehicles in 2024, increasing from an expected 7.05 automobile industry million units in 2023. This expansion, nonetheless, still falls short of before the pandemic numbers of 7.9 million cars in 2019​ (Grant Thornton)​.

One of the major trends to monitor 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 gradually acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
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