MG Motors India extends the Assured Buy Pack program for its electric vehicles from three years to five years to boost EV sales. Potential buyers who want to learn about this program can learn everything about it here.
The company will address the customers’ concerns over resale and support long-term ownership through the program, so that customers feel confident while buying the EV. MG Motors called this program the MG Value Promise, which initially offered a three-year tenure.
The company believes that with this program, they will resolve the adoption issue and uncertainty for the resale value. The extension of the program made JSW MG Motors the first carmaker to offer such long-term resale value.
What’s the MG Assured Buy-Back Program?
JSW MG Motors’ Assured Buy-Back program has been launched for two or three years now, initially guaranteeing 60% ex-showroom price resale value after three years on electric vehicles. Recently, the company announced the expansion of the program to ensure the release value for the long term.
Under the extension, the company increased the tenure from three years to five years, while offering guaranteed resale value up to 60%. Under this program, the customers can either retain, release, or surrender the vehicle to the company after the tenure or upgrade it to the new MG model.
The scheme is offered in the Indian market with the assistance of Lockton India Insurance Broking and Advisory Ltd., and it is powered by Zuno General Insurance. The company has ensured the program is free of any loans and financing, meaning anyone can take advantage of this program.
What will be the guaranteed resale value under the program?
As mentioned before, the guaranteed resale value under the MG Motors Assured Buy-Back program is up to 60%, but this resale value depends on when you take advantage of the scheme under the five-year tenure.
When you buy the vehicle, you can now choose the tenure options between three to five years and see what your guaranteed resale value will be. According to the reports, you will get 60% original value of the model at 3 years, while 50% at 4 years, and 40% at 5 years tenure.
Is the buy-back program applicable to all models?
The MG Motors Assured Buy-back program is available for all EV models available in the Indian market. With the extension of the program, the company has the following notable changes that every customer should know:
- MG Motors has included the MG ZS EV under the Assured Buy Back program, as they confirmed the program for the commercial vehicles, but on the following conditions, whichever comes first:
- Limited to a three-year tenure
- Limited touring up to 60,000 km
- Under the EV portfolio of MG Motors, here are the vehicles available for the scheme coverage:
- MG Windsor EV priced between ₹13.99 lakh – ₹18.39 lakh
- MG Comet EV priced between ₹7.49 lakh – ₹9.99 lakh
- MG ZS EV priced between ₹17.99 lakh – ₹20.49 lakh
How does this extension of the program help the buyers and the company?
The extension of the Assured Buyback program benefits the new buyers and the company in the following ways:
- Buyers can retain 40% to 60% up to five years, depending on the tenure they have selected, and get the assurance.
- The buyers will have the flexibility of choosing the tenure that will determine the guaranteed resale value.
- Commercial electric vehicles are also included in the program, offering a profitable deal to them.
- With the changing EV technology and regulations, this will give the buyers the confidence to invest in vehicles and change them anytime if they wish for an upgraded model.
- The company will boost long-term ownership through this program and build trust among buyers for the EV technology.
- With this extension, the company has become the first one to offer long-term resale value, making the brand stand out from other companies.
- The resale value program shows the company’s confidence in its EV tech, battery durability, and performance.
MG Motors’ extension of the Assured Buy-Back program is a great initiative to boost EV sales and give customers peace of mind while buying EVs.
