The British secondhand car market is expected to see significant expansion in 2024, propelled by an surge in automobile supply and changing customer preferences. Following a difficult 2023, where new car supply constraints due to microchip shortages and post-COVID disruptions impacted the market, 2024 is anticipated to be a year of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With manufacturers ramping up production to meet demand and maintain plant utilization levels, the influx of new vehicles is expected to automobile boost the used car market as well. Sales of used cars are projected to reach 7.3 million units in 2024, rising from an projected 7.05 million units in 2023. This increase, nonetheless, still trails pre-COVID figures of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to monitor is the cost variability of electric cars (BEVs) in the pre-owned market. As tech developments persist and government policies evolve, the market for secondhand BEVs may undergo considerable variability. The overall forecast remains tentatively hopeful, with the sector slowly adjusting to emerging financial realities and buyer needs​ (Grant Thornton UK LLP)​.
This