The United Kingdom's secondhand car market is anticipated to witness substantial expansion in 2024, driven by an increase in car inventory and changing buyer needs. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID interruptions impacted the market, 2024 is expected to be a period of revival and stabilization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers boosting output to fulfill demand and maintain plant utilization levels, the wave of new automobiles is expected to boost the used car market as well. The sales of pre-owned vehicles are anticipated to attain 7.3 million cars in 2024, rising from an estimated 7.05 million in 2023. This growth, however, still lags behind pre-pandemic levels of 7.9 million vehicles in 2019​ (Grant Thornton UK LLP)​.

One of the important trends to observe is automobile industry the price fluctuations of BEVs (BEVs) in the secondhand market. As tech developments advance and regulations develop, the sector for secondhand BEVs may see considerable variability. The overall perspective remains guardedly positive, with the market gradually adjusting to emerging financial realities and customer demands​ (Grant Thornton)​.
This