The British used car market is anticipated to witness significant growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a tough 2023, where new vehicle supply issues due to chip shortages and post-COVID disruptions impacted the sector, 2024 is projected to be a year of recovery and stability​ (Grant Thornton)​​ (EY)​.

With makers ramping up production to satisfy 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 anticipated to attain 7.3 million units in 2024, up from an estimated 7.05 million in 2023. This growth, however, still lags behind pre-COVID figures of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is the automotive indutry cost variability of electric cars (BEVs) in the pre-owned market. As technological advancements continue and governmental policies evolve, the sector for secondhand BEVs may undergo substantial changes. The general perspective remains guardedly positive, with the market gradually adjusting to new financial realities and customer demands​ (Grant Thornton)​.
This