The United Kingdom's secondhand car market is anticipated to witness substantial expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic interruptions impacted the market, 2024 is expected to be a period of revival and stabilization (Grant Thornton UK LLP) (EY US).
With producers boosting output to meet demand and keep up factory operation levels, the wave of new vehicles is expected to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to reach 7.3 million units in 2024, automotive up from an expected 7.05 million in 2023. This expansion, nevertheless, still trails before the pandemic numbers of 7.9 million cars in 2019 (Grant Thornton).
One of the major trends to monitor is the cost variability of battery electric vehicles (BEVs) in the used market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience significant fluctuations. The general forecast remains tentatively hopeful, with the sector steadily adapting to current economic conditions and buyer needs (Grant Thornton UK LLP).
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