The UK’s secondhand car market is anticipated to witness significant expansion in 2024, driven by an rise in car inventory and changing consumer demands. Following a difficult 2023, where new automobile supply issues 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 manufacturers increasing output to satisfy need and sustain factory utilization rates, the surge of new cars is anticipated to enhance the secondhand car market as well. Sales of used cars are projected to reach 7.3 million vehicles in 2024, increasing from an expected 7.05 million units in 2023. This expansion, nevertheless, still falls short of before the pandemic numbers of 7.9 million cars in 2019 (Grant Thornton).
One of the major trends to monitor is the pricing volatility of battery electric vehicles (BEVs) in the used market. As technology improvements persist and government policies change, the market for used BEVs may experience significant fluctuations. The overall forecast remains tentatively hopeful, with the sector steadily adapting to current economic conditions automotive and buyer needs (Grant Thornton UK LLP).
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