The UK’s secondhand car market is anticipated to witness substantial expansion in 2024, propelled by an increase in vehicle availability and shifting customer preferences. After a tough 2023, where new vehicle shortages due to microchip shortages and post-COVID disruptions affected the sector, 2024 is projected to be a period of recovery and stability (Grant Thornton) (EY).
With makers boosting production to meet demand and keep up factory operation levels, the wave of new vehicles is expected to boost the pre-owned vehicle market as well. The sales of pre-owned vehicles are anticipated to attain 7.3 million cars in 2024, rising from an projected 7.05 million units in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million units automotive in 2019 (Grant Thornton UK LLP).
One of the key trends to watch is the price fluctuations of BEVs (BEVs) in the secondhand market. As technology improvements persist and regulations change, the sector for pre-owned BEVs may see considerable fluctuations. The overall outlook remains cautiously optimistic, with the sector steadily acclimating to emerging economic conditions and buyer needs (Grant Thornton UK LLP).
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