MG India expands EV assured buyback program to 5 years
What's the story
JSW-MG Motor India has expanded its assured buyback program for electric vehicles (EVs) to a five-year period. The new initiative, dubbed the 'Value Promise,' is aimed at alleviating resale worries and boosting consumer confidence in India's growing EV market. The company previously offered a three-year assured buyback scheme but has now extended it to cover periods of up to five years.
Program details
How the 'Value Promise' scheme works
Under the 'Value Promise' program, MG EV customers can choose a guaranteed resale value at the end of three, four, or five years. The assured buyback value falls between 40% and 60%, giving customers a clearer picture of long-term ownership costs in an industry where depreciation is a major concern. The company also said that this program is independent of loan or finance schemes, making it accessible regardless of how one buys their vehicle.
Customer options
Flexibility and eligibility of the program
At the end of their chosen tenure, customers have three options: keep the car, return it for a guaranteed buyback value, or upgrade to another MG model. The company has also clarified that commercial and fleet operators can benefit from this extended assured buyback scheme. Commercial owners of MG ZS EVs are eligible under this program for vehicles up to three years old, provided they haven't driven more than 60,000km annually.
Program facilitation
Partnership with Lockton India and Zuno General Insurance
The 'Value Promise' program is facilitated by Lockton India Insurance Broking and Advisory in association with Zuno General Insurance. The initiative is aimed at mitigating depreciation-related risks for EV owners and promoting the adoption of electric mobility in India. With this move, MG becomes the first car manufacturer in the country to offer a five-year assured buyback on electric vehicles, furthering its commitment to innovative ownership solutions in the evolving EV market.