The UK’s secondhand car market is projected to witness considerable increase in 2024, fueled by an rise in vehicle supply and shifting buyer needs. After a difficult 2023, where new automobile supply issues due to semiconductor shortages and post-pandemic interruptions influenced the sector, 2024 is expected to be a year of revival and normalization (Grant Thornton) (EY US).
With manufacturers ramping up production to satisfy need and keep up plant utilization levels, the wave of new vehicles is anticipated to boost the used car market as well. Selling used cars are expected to hit 7.3 million vehicles in 2024, up from an projected 7.05 million units in 2023. This growth, however, still falls short of pre-COVID levels of 7.9 million cars in 2019 (Grant Thornton UK LLP).
One of the key trends to monitor is the price fluctuations of BEVs (BEVs) in the used market. As tech developments persist and governmental policies develop, the automobile market for used BEVs may undergo substantial fluctuations. The overall outlook remains cautiously optimistic, with the sector gradually acclimating to current economic realities and customer demands (Grant Thornton UK LLP).
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