General Motors, one of the largest car manufacturers in the world, has filed for bankruptcy protection in America. For generations General Motors (GM) has been one of the three largest producers of cars in America as well as one of the world’s biggest car companies. Now the motoring industry is really struggling, and of the three biggest car manufacturers in America two have now been forced to seek protection from their creditors by declaring themsleves bankrupt. But what effect will this all have on us?

Well, for UK consumers, it probably won’t make much difference. If you own a car made by GM, you don’t need to worry about the possibility that you might not be able to get parts for it in the future, as the company is still in business and hasn’t ceased trading. After receiving protection from the American government, they predict the company will be reconstructed in as little as three months. Further to this, the European branch of GM, which consists of the British brand Vauxhall and the German Opel, has already been sold off to a Canadian company who have said they will do all they can to protect the 5,500 UK jobs at stake.

For consumers looking to purchase a new car in times like these, it could well be that leasing or contract hire could be a better option than buying outright, as it gives you more freedom of choice and wouldn’t leave you in the lurch later if the manufacturer did go out of business. Certainly if you are worried about buying a car by one of the main manufacturers tied to one of the companies that is at risk such as Vauxhall or Ford, car leasing could put your mind at ease.

Whether you’re looking for a handy little car about town or a fancy new BMW, car leasing gives you a wider choice of vehicles including those that may otherwise have been out of your price range for buying outright. Your agreement takes into account your projected mileage and wear and tear, so your car won’t decrease its financial value over the course of the contract and at the end of your contract you can simply trade it in for the upgrade of your choice. While the car industry is struggling to stay afloat, leasing could be the most effective method to ensure that any future disasters don’t affect you too much!

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