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 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 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 UK consumers, it probably won't make much difference. 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. 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 consists of the British brand Vauxhall and the German 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. With the car industry in such a state of disaster, leasing could be the most effective method to ensure that any future disasters don't affect you too much!

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