The UK’s used car market is expected to see substantial growth in 2024, driven by an increase in vehicle supply and changing consumer demands. Following a tough 2023, where new automobile supply constraints due to microchip shortages and post-COVID interruptions affected the sector, 2024 is expected to be a year of recovery and stabilization (Grant Thornton) (EY).
With makers increasing production to meet demand and maintain factory utilization rates, the wave of new automobiles is projected to increase the pre-owned vehicle market as well. Sales of used cars are anticipated to attain 7.3 million vehicles in 2024, increasing from an estimated 7.05 million in 2023. This increase, nonetheless, still trails pre-pandemic levels of 7.9 million cars in 2019 (Grant Thornton).
One of the important trends to watch is the pricing volatility of electric cars (BEVs) in the pre-owned market. As technology improvements continue and governmental policies develop, the sector for used BEVs may undergo substantial changes. automotive The general forecast remains tentatively hopeful, with the market gradually acclimating to current economic realities and customer demands (Grant Thornton).
This