The UK’s pre-owned vehicle market is projected to see significant increase in 2024, driven by an rise in automobile supply and evolving buyer needs. Following a difficult 2023, where new car supply constraints due to chip shortages and post-COVID disruptions impacted the market, 2024 is expected to be a period of revival and stabilization (Grant Thornton UK LLP) (EY US).
With producers boosting output to fulfill demand and maintain plant utilization levels, the surge of new automobiles is projected to enhance the used car automobile market as well. Sales of used cars are expected to hit 7.3 million vehicles in 2024, increasing from an projected 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 cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the market for used BEVs may experience substantial changes. The general forecast remains tentatively hopeful, with the sector slowly adapting to new economic realities and consumer preferences (Grant Thornton UK LLP).
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