The British used car 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 projected to be a period of recovery and stabilization (Grant Thornton UK LLP) (EY).
With makers boosting production to meet demand and keep up factory operation levels, the wave of new automobiles is expected to boost the pre-owned vehicle market as well. The sales of pre-owned vehicles are expected to attain 7.3 million cars in 2024, rising from an projected 7.05 automotive million units in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million units in 2019 (Grant Thornton UK LLP).
One of the key trends to watch is the pricing volatility of BEVs (BEVs) in the secondhand market. As technology improvements persist and government policies change, the market for pre-owned BEVs may experience significant fluctuations. The overall outlook remains tentatively hopeful, with the sector steadily acclimating to current economic conditions and buyer needs (Grant Thornton UK LLP).
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