The British used car market is anticipated to witness significant increase in 2024, driven by an rise in car inventory and changing customer preferences. After a challenging 2023, where new car supply constraints due to chip shortages and post-COVID 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 utilization rates, the influx of new cars is anticipated to increase the secondhand car market as well. Selling used cars are projected to reach 7.3 million vehicles in 2024, increasing from an expected 7.05 automotive indutry million units in 2023. This increase, nonetheless, still falls short of before the pandemic numbers of 7.9 million units in 2019 (Grant Thornton UK LLP).
One of the key trends to watch 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 new economic realities and consumer preferences (Grant Thornton).
This