The United Kingdom's used car market is anticipated to witness substantial expansion in 2024, fueled by an surge in automobile supply and evolving buyer needs. After a challenging 2023, where new car shortages due to microchip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a year of rebound and stabilization (Grant Thornton) (EY).
With producers ramping up output to satisfy demand and sustain factory operation levels, the surge of new cars is expected to enhance the pre-owned vehicle market as well. The sales of used cars are anticipated to hit 7.3 million units in 2024, rising from an expected 7.05 million in 2023. This increase, nevertheless, still falls short of before the pandemic automotive numbers of 7.9 million units in 2019 (Grant Thornton).
One of the key trends to observe is the pricing volatility of electric cars (BEVs) in the used market. As technology improvements continue and government policies evolve, the sector for used BEVs may see significant variability. The overall perspective remains cautiously optimistic, with the sector steadily adapting to emerging economic conditions and consumer preferences (Grant Thornton).
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