The UK’s used car market is projected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting customer preferences. After a tough 2023, where new vehicle shortages due to semiconductor shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and stabilization (Grant Thornton UK LLP) (EY).
With makers boosting production to meet demand and keep up factory operation levels, the wave of new vehicles is expected to boost 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 automobile industry expansion, nevertheless, still trails pre-COVID figures of 7.9 million cars in 2019 (Grant Thornton).
One of the major trends to monitor is the pricing volatility of battery electric vehicles (BEVs) in the used market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see significant fluctuations. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging financial realities and customer demands (Grant Thornton).
This