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General Motors, one of the largest car manufacturers in the world, has filed for bankruptcy with the American government. For generations General Motors (GM) has been one of the big three car manufacturers in America as well as one of the world’s biggest car companies. Now the motoring industry is really struggling, and two out of the three big American car giants have already been forced to ask the government for protection from their creditors. But what does all this mean to us?

Well, for car buyers in the UK, the answer is probably not much. 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 has not gone out of business entirely. With the financial protection of the US government, they predict the company will be reconstructed in as little as three months. Further to this, the European branch of GM, which is responsible for Vauxhall and the German brand Opel, has been bought by 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 the value of the car will not decrease over time 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, it could be the best way to make sure that any future disasters don’t affect you too much!

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