The United Kingdom's secondhand car market is anticipated to see significant increase in 2024, driven by an rise in automobile supply and evolving consumer demands. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-pandemic disruptions affected the sector, 2024 is projected to be a year of recovery and stability (Grant Thornton) (EY).
With manufacturers ramping up production to satisfy need and sustain plant utilization levels, the wave of new automobiles is projected to boost the used car market as well. The sales of pre-owned vehicles are expected to hit 7.3 million cars in 2024, rising from an projected automobile industry 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 key trends to watch 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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