The used car industry is expected to grow in 2024. If you’ve been paying attention to the used car market or trying to sell your automobile, you’ve probably observed that it takes some time.
Private sales appear to be much slower than usual, and traders/dealerships are taking advantage of this with extremely low trade-in valuations. So, why is this happening, and what does 2024 have in store for us? Is the used automobile industry expected to grow in 2024?
What is the current status of the UK used automobile market?
Over the last few years, the UK has experienced significant economic disruption. Russia’s invasion of Ukraine, along with the aftermath of a global pandemic, has thrown the markets off guard. However, the automobile market is unusual. Used car and private sales skyrocketed during Covid, with financing rates at an all-time low and sunny skies combined with clean roads leaving petrolheads eager to locate their next fun machine. However, in order to restore economic equilibrium, borrowing rates have skyrocketed following the pandemic, as have living costs, leaving individuals pinching their pennies.
Will the used car market improve by 2024?
Well, here at SwapAuto, we believe the market will fight back in the summer of 2024. Interest rates are gradually declining, and the weather is already improving following Christmas. Because trade vehicle values are also very low, many new sellers may consider selling privately through low-cost routes and social media, and as more cars are presented to the public, market trust grows.
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What should you do if your vehicle’s trade-in value is low but you want to sell?
SwapAuto was built expressly for this purpose. Selling privately has been a popular option for many auto owners across the country, but information on a vehicle’s history has become more difficult to obtain in recent years, making purchasers wary of purchasing from a non-reputable organization. Fear not, SwapAuto intends to change things for the better. Along with the ability to put your car for sale for free, you will also have access to any vehicle’s complete background information, including MOT records, history, and repair information. All contact is also done directly through the site, and all accounts are monitored, so safety is a top priority.
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The advantage of private selling is that you never lose the option of trading in your car to a dealership; we always recommend putting it up for sale privately and then dropping your trousers for your local dealer if you don’t get any offers.
For everyone, we hope the coming year delivers good news in all areas of life; the UK economy hasn’t been great in recent years, and we believe we might all benefit from a break. Hopefully, finding your new project, pride and joy, or pop into the shop car will help provide those much-needed smiles.
