JSW MG Motor India has gone one step ahead to make the ownership of electric vehicles easier in India. The company has now extended its assured buyback program from three years to five years. This new initiative is called MG Value Promise.
MG has always attempted to minimize the concerns associated with owning an electric car. Earlier, it introduced Battery as a Service pricing and lifetime warranty on EV batteries. Resale value, however, was a big concern for many buyers. This new program is a direct response to that problem.
Earlier, MG provided an assured buyback for just three years with the promise of up to 60 per cent value. With the Value Promise program, buyers now have the option of an assured resale option at the end of three, four or five years. Depending on the plan opted for, assured value ranges from 40 percent to 60 percent.
One important point is that this program is independent of loans or finance schemes. Whether a customer purchases the car using cash or finance, they can opt for the assured buyback plan.
Key Points of the MG Value Promise program
- Assured buyback tenure for up to 5 years
- Guaranteed resale value at 3 year, 4 year or 5 year ownership
- Applicable even without loans and finance
- Includes both private and commercial EV buyers
Earlier, the assured buyback program was restricted only to the private owners. MG has now extended it to commercial users as well. This includes MG ZS EV fleet operators. Vehicles up to three years old and running up to 60,000 km per year are eligible under this scheme.
The program is supported by Lockton India Insurance Broking and Advisory Ltd, and Zuno General Insurance. Together, they take care of the buyback assurance and resale protection.
At the end of the chosen tenure, the customers have three distinct options. They can retain the car, return it to MG or upgrade to another MG vehicle. This flexibility gives owners more control over their decision, rather than having to be forced into uncertainty of resale.
MG’s Managing Director, Anurag Mehrotra, said resale value is one of the biggest reasons for people’s hesitation to buy EVs. With the Value Promise program, MG wants buyers to feel confident, and stress free, about long term ownership.
Conclusion
The MG Value Promise program does not change the car itself, but it changes the ownership experience in a big way. By extending assured buyback for five years and to both private and commercial users, MG has eliminated one of the biggest doubts surrounding EV ownership. For the buyers who are concerned about resale value, this could make the switch to electric much easier and more reassuring.