The UK’s secondhand car market is expected to experience substantial expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-pandemic disturbances influenced the sector, 2024 is anticipated to be a year of rebound and normalization (Grant Thornton) (EY US).
With producers increasing output to fulfill need and maintain plant utilization levels, the surge of new automobiles is projected to enhance the used car market as well. Sales of pre-owned vehicles are expected to hit 7.3 million cars in 2024, rising from an projected 7.05 million units in 2023. This increase, however, still lags behind pre-pandemic levels of 7.9 million units in 2019 (Grant Thornton UK LLP).
One of the important trends to observe is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for secondhand BEVs may see considerable variability. The overall perspective remains guardedly positive, with the market gradually adjusting to emerging financial realities and customer demands (Grant automotive indutry Thornton).
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