What does the General Motors bankruptcy mean for us?
General Motors, one of the largest car manufacturers in the world, has filed for bankruptcy protection in America. 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 two out of the three big American car giants have now been forced to seek protection from their creditors by declaring themsleves bankrupt. But what does all this mean to us?
Well, for UK consumers, the answer is probably not much. If you have a car that was 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 is responsible for Vauxhall and the German brand Opel, has already been sold off to a Canadian company who have agreed to do everything in their power to save the 5,500 UK jobs that could be at risk.
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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