The United Kingdom's used car market is anticipated to witness significant increase in 2024, driven by an rise in car inventory and changing buyer needs. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic interruptions influenced the market, 2024 is expected to be a period of revival and normalization (Grant Thornton UK LLP) (EY US).
With producers boosting output to fulfill demand and maintain plant utilization levels, the wave of new automobiles automobile is projected to boost the used car market as well. The sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, rising from an projected 7.05 million units in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million vehicles in 2019 (Grant Thornton UK LLP).
One of the important trends to observe is the cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the sector for secondhand BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market slowly adjusting to new economic realities and consumer preferences (Grant Thornton UK LLP).
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