The British used car market is projected to experience substantial increase in 2024, fueled by an increase in automobile availability and changing buyer needs. Following a challenging 2023, where new automobile shortages due to semiconductor shortages and post-COVID disruptions influenced the market, 2024 is anticipated to be a period of recovery and normalization (Grant Thornton UK LLP) (EY US).
With producers ramping up output to meet need and keep up factory utilization rates, the wave of new vehicles is projected to increase the secondhand car market as well. The sales of used cars are expected to reach 7.3 million cars in 2024, up from an projected 7.05 million in 2023. This increase, nevertheless, still falls short of pre-COVID levels of 7.9 million vehicles in 2019 (Grant Thornton UK LLP).
One of the important trends to watch is the price fluctuations of battery electric vehicles (BEVs) in the pre-owned market. As technological advancements advance and governmental policies develop, the market for secondhand BEVs may experience substantial fluctuations. The general outlook remains guardedly positive, with the market slowly adjusting to automotive current financial realities and buyer needs (Grant Thornton).
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