The British used car market is anticipated to see significant increase in 2024, driven by an rise in automobile supply and changing buyer needs. After a challenging 2023, where new car supply constraints due to semiconductor shortages and post-pandemic disturbances influenced the market, 2024 is anticipated to be a year of rebound and normalization (Grant Thornton UK LLP) (EY US).
With producers increasing output to fulfill demand and keep up factory operation levels, the influx of new vehicles is anticipated to increase the pre-owned vehicle market as well. Selling secondhand cars are projected to reach 7.3 million units in 2024, up from an expected 7.05 million in 2023. This expansion, nevertheless, still trails pre-COVID figures 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. automobile As technological advancements continue and governmental policies evolve, the market for used BEVs may undergo 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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