EV Cars : After 5 years of driving, you can return ‘this’ car to the company, get 60% of the amount, know how
JSW MG Motor India is known for introducing new and innovative vehicle ownership programs in the country. Meanwhile, MG Motor was the first to introduce a BaaS (Battery as a Service) pricing model in India. The company also introduced a fixed buyback program guaranteeing a guaranteed resale value after three years.
Now, the company has taken a new and significant decision by launching an extended fixed buyback program called Value Promise. The program will now provide buyback cover for up to five years from the previous three years. The program aims to ease resale concerns for EV buyers in India, as the electric car market is still in its infancy.
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MG’s Extended Assured Buyback Program
For the first time in the auto industry, JSW MG Motor India EV A 5-year assured buyback program called Value Promise has been launched for buyers. Earlier, the company offered only a 3-year buyback, guaranteeing EV owners up to 60% of the insured value of the vehicle after three years. Now, under Value Promise, this period has been extended to five years. Under this scheme, customers will get guaranteed resale value of 40% to 60%. This value will depend on the chosen plan. Different plans will have different sum assured for 3 years, 4 years and 5 years. MG says this buyback program is separate from any loan or financing scheme.
What is the condition of the company?
Earlier, this assured buyback was only for private customers, but now it has been extended to commercial ZS EV owners and fleet operators. This facility will be applicable for vehicles up to 3 years old and with an annual mileage of up to 60,000 km. The company’s new Value Promise program is being implemented in collaboration with Zuno General Insurance. It aims to protect EV buyers against the risk of depreciation for up to 5 years. Customers can choose to keep their vehicle, return it or upgrade to another MG vehicle.
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