Six out of 10 dealers expect a better second half of 2024

08 Jul 2024

Six out of 10 dealers (60%) say that the second half of 2024 should improve on the first six months, new findings indicate.

  • 35% report that consumer confidence is improving, 31% that interest rates should fall and 31% that stock supply is improving.
  • However, 30% say the market will stay the same and 10% that it will worsen, according to July’s new Startline Used Car Tracker

July’s Startline Used Car Tracker shows that 35% believe consumer confidence is improving, 31% that interest rates should fall, 31% that stock supply is improving and 11% that the completion of the general election should unleash some demand.


However, 30% say that the market will remain much the same and 10% that it will worsen, with 8% thinking that interest rates will remain high and 5% that consumer confidence is worsening.


Paul Burgess, CEO at Startline Motor Finance, said: “The first six months of the year have been pretty good ones for the used car sector, so general predictions of an even better second half indicate quite a buoyant mood among dealers.


“There are widespread beliefs that consumer confidence is on the rise, that we’ll see some kind of action on interest rates, and that stock is available to meet demand.


“While not everyone believes we’ll see an improving market, fewer than one in 10 think it will worsen. Overall, it adds up to a positive sentiment across the used car sector.”


Other findings from the July Tracker are encouraging for dealers, with 50% of consumers saying they feel positive about the idea of buying a used car this month. Among those, 56% say their current car needs replacing, compared to 46% at the start of the year.


Paul said: “We’ve been seeing strong consumer sentiment in terms of the idea of buying a used car for most of this year, and the fact that older vehicles are wearing out seems to be a driving force. Many people have been hanging onto their cars for a long time, since before the pandemic, and it looks as though increasing numbers are ready to re-enter the market.”


The Tracker also indicates an improving picture in demand for electric cars, with 23% of consumers saying their next car will be electric, compared to 11% at the start of the year.


Paul said: “There has been much negativity around electric cars over the last year or more so it’s interesting to note that we have recorded a strong improvement in consumer perception throughout 2024. It could simply be that as motorists see more and more EVs being used on the road, and by family and friends, that their advantages become more apparent.”


The Startline Used Car Tracker is compiled monthly for Startline Motor Finance by APD Global Research, well-known in the motor industry for their business intelligence reporting and customer experience programs. This time, 307 consumers and 62 dealers were questioned.