The British used car market is projected to see significant increase in 2024, driven by an rise in automobile supply and evolving consumer demands. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a period of revival and stabilization (Grant Thornton UK LLP) (EY).
With makers boosting production to meet demand and keep up factory operation levels, the wave of new vehicles is expected to boost the pre-owned vehicle market as well. The sales of secondhand cars are anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This growth, however, still trails pre-COVID figures of 7.9 million vehicles in 2019 (Grant Thornton).
One of the important trends to observe is the price fluctuations of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience significant changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions automobile and consumer preferences (Grant Thornton UK LLP).
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