The UK’s pre-owned vehicle market is projected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers increasing output to fulfill need and keep up factory operation levels, the wave of new vehicles is expected to increase the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This growth, nevertheless, still trails pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the price fluctuations of electric cars (BEVs) in the pre-owned market. As tech developments advance and regulations develop, the sector for secondhand BEVs may undergo considerable variability. The general perspective remains guardedly automotive indutry positive, with the market gradually adjusting to new economic realities and customer demands​ (Grant Thornton)​.
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