The UK’s used car market is anticipated to experience considerable growth in 2024, driven by an increase in car availability and evolving buyer needs. After a tough 2023, where new vehicle supply issues due to chip shortages and post-pandemic disturbances affected the sector, 2024 is projected to be a period of recovery and stabilization (Grant Thornton UK LLP) (EY US).
With manufacturers ramping up production to meet need and sustain factory utilization rates, the wave of new automobiles is projected to enhance the secondhand car market as well. Selling secondhand cars are anticipated to hit 7.3 million vehicles in 2024, increasing from an expected 7.05 million in 2023. This growth, however, still falls short of before the pandemic numbers of 7.9 automotive million cars in 2019 (Grant Thornton).
One of the important trends to watch is the pricing volatility of battery electric vehicles (BEVs) in the used market. As technological advancements advance and regulations change, the market for used BEVs may experience substantial variability. The overall outlook remains cautiously optimistic, with the sector slowly adjusting to new financial realities and customer demands (Grant Thornton UK LLP).
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