The British used car market is projected to see significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. Following a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic disturbances influenced the market, 2024 is anticipated to be a year of rebound and normalization (Grant Thornton) (EY US).
With producers increasing output to fulfill need and maintain factory operation levels, the influx of new vehicles is anticipated to increase the pre-owned vehicle market as well. Selling secondhand cars are anticipated to reach 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures of 7.9 million vehicles in 2019 (Grant Thornton).
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 sector slowly adjusting to new economic realities and consumer preferences (Grant Thornton UK automobile LLP).
This