The United Kingdom's used car market is anticipated to see significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. Following a difficult 2023, where new automobile supply constraints 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 demand and keep up factory operation levels, the influx of new vehicles is anticipated to increase the pre-owned vehicle 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 technology improvements persist and government policies change, the market for used BEVs may experience significant fluctuations. The overall forecast remains tentatively hopeful, with the sector steadily adapting to current economic conditions and buyer needs (Grant automotive Thornton UK LLP).
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