The second hand cars market is worth $8.2bn to the economy, according to a report by the International Council of Hand Car Manufacturers.
The report also found that second hand vehicle sales are increasing across the board in the UK, with more than 200,000 cars sold in the first six months of this year.
The second hand industry employs around one million people and has more than 3.2 million employees.
The industry employs people across the globe and has grown faster than the UK economy in the past five years.
However, in 2017, sales fell by 5 per cent to a total of $9.8bn, with some sectors, such as the luxury market, having been hit hard.
The ICHM said it was the most challenging time in the industry’s history.
It said the “fractured supply chain” had resulted in a shortage of vehicles, with customers unable to access the best-quality parts.
The sector had seen “significantly fewer” vehicles for sale over the past 12 months, but the ICHG said there was an opportunity for the industry to rebound, with a “good supply chain and new technologies”.
But for those in the second hand market who want to own a second car, the best deal is on the market right now.
“The industry is still on the brink of a recession, with car sales down 10 per cent in the last 12 months,” ICHS General Manager of Retail and Automotive Sales at UK arm, Edmunds said.
“But the market is poised for a resurgence, with many brands, such in Ford, Land Rover and Toyota, set to announce a new range of cars.”
The IKEA deal for a second-hand Porsche 917 Spyder was a significant success.
It was a one-off deal which allowed IKEAs new car offering to reach customers across the world, but with the latest version of the car set to be delivered next year.
“We will be looking to the future, and with the new generation of the 917 we have a great opportunity to deliver on the promise of the first model,” IKEs Executive Vice President of Automotive Development, Rolf Lässer, said.IKEA’s new 917 is the first car to be launched in Europe since a deal was struck with the likes of Fiat Chrysler, Jaguar Land Rover, Volvo and Ford.
But with the company already announcing the new model, IKEa has already committed to a number of new models in the future.
“For example, I am working on a new electric car which will be launched next year,” Läsers told Motorsport.com.
“We will announce the exact details in the coming weeks.”