The UK’s pre-owned vehicle market is expected to experience considerable growth in 2024, fueled by an surge in automobile supply and evolving consumer demands. Following a difficult 2023, where new automobile supply issues due to microchip shortages and post-pandemic disturbances affected the sector, 2024 is projected to be a year of rebound and stability (Grant Thornton) (EY).
With manufacturers ramping up production to satisfy need and keep up factory utilization rates, the surge of new cars is projected to enhance the secondhand car market as well. Sales of used cars are projected to automotive hit 7.3 million vehicles in 2024, increasing from an expected 7.05 million units in 2023. This increase, nonetheless, 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 pre-owned BEVs may see significant fluctuations. The overall outlook remains cautiously optimistic, with the sector steadily acclimating to current economic conditions and buyer needs (Grant Thornton UK LLP).
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