How Will We Be Affected By The General Motors Bankruptcy?

General Motors, one of the largest car manufacturers in the world, has filed for bankruptcy with the American government. For as long as cars have been around, General Motors (GM) has been one of the three largest producers of cars in America and one of the largest in the world. Now the motoring industry is really struggling, and of the three biggest car manufacturers in America two have already been forced to ask the government for protection from their creditors. But what difference will all this make to us?

Well, for those of us in the UK, it probably won’t make much difference. If you have a car that was made by GM, there’s no need to worry about the future of your car and any parts you may need, as the company has not gone out of business entirely. After receiving protection from the American government, they predict the company will be reconstructed in as little as three months. In addition GM Europe, 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 your car won’t decrease its financial value over the course of the contract and when your agreement ends you get to swap the car for the new model of your choice. While the car industry is struggling to stay afloat, it could be the best way to make sure you’re not affected by any future surprises!

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