The UK’s used car market is anticipated to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions impacted 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 surge of new automobiles automotive is projected to boost the used car market as well. Sales of pre-owned vehicles are expected to hit 7.3 million cars in 2024, increasing from an estimated 7.05 million units in 2023. This increase, nonetheless, still lags behind before the pandemic figures of 7.9 million units in 2019 (Grant Thornton).
One of the key trends to watch is the pricing volatility of battery electric vehicles (BEVs) in the secondhand market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see substantial fluctuations. The overall forecast remains tentatively hopeful, with the sector steadily adapting to current economic conditions and buyer needs (Grant Thornton UK LLP).
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