Cox Automotive has published predictions for the new and used car market in 2024, with fears that current residual values (RVs) may not be sustainable in the long term. The report suggests that 2024 will be a period of stabilisation in the automotive sector generally, followed by a notable rise in registrations in successive years. Cox anticipate that the market will eventually be split between manufacturers who want profitability at the cost of volume and market share; and those who will return to a ‘push’ market at the cost of profit for volume and market dominance. While many anticipate continued recovery into 2024, the report says that the market must be prepared for the obstacles that manufacturers will face in the UK. These include the transition to agency model, a growing electrified market and seemingly unshakeable economic headwinds. View the full report here.
The Editor’s View
