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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 big three car manufacturers in America and one of the largest in the world. Now the car industry is on its knees, 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 car buyers in the UK, the answer is probably not much. 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. With the financial protection of the US government, they hope to be through the worst of it 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 contract allows for your estimated mileage and normal wear and tear to the vehicle, so the value of the car will not decrease over time 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, leasing could be the most effective method to ensure that any future disasters don’t affect you too much!
For great deals on van leasing and van contract hire