The UK’s secondhand car market is expected to experience substantial expansion in 2024, propelled by an increase in car inventory and changing customer preferences. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-COVID interruptions affected the sector, 2024 is projected to be a period of recovery and stability (Grant Thornton) (EY).
With makers ramping up production to satisfy need and sustain factory utilization rates, the influx of new cars is anticipated to enhance the secondhand car market as well. Sales of used cars are expected to hit 7.3 million vehicles in 2024, rising from an projected 7.05 million units in 2023. This increase, nonetheless, still lags behind pre-pandemic levels of 7.9 million units in 2019 (Grant Thornton UK LLP).
One of automotive the key trends to watch is the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and governmental policies evolve, the market for secondhand BEVs may undergo substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to current economic conditions and buyer needs (Grant Thornton UK LLP).
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