MG Motor India Introduces EV Owners' Extended Assured Buyback Program
MG Motor India extended the guaranteed resale value choices for its electric vehicle Assured Buy Back Program from three to five years.
It emphasises how the program seeks to increase confidence in long-term EV ownership, as well as the flexibility and advantages for both private and commercial EV buyers.
By expanding its ‘Assured Buy Back Program’, also known as the MG Value Promise, MG Motor India has taken a major step in making electric car ownership more predictable. Buyers can now select tenure choices of three, four, or five years under the scheme, which was previously restricted to a three-year guaranteed resale value.
Customers are guaranteed a resale value at the conclusion of their chosen tenure that ranges around from 40% to 60% of the vehicle's MSRP, depending on the plan they choose. Depreciation, a significant concern for many EV buyers, is clarified by this increased range.
Customers can choose to participate in the program regardless of how they buy their car because it functions independently of any loan or finance plan. Buyers should have more control over ownership expenses and future value expectations thanks to this increased flexibility.
At the conclusion of the chosen period, EV owners under the extended program have three distinct options: they can exchange their car for a new MG model, keep it, or return it to MG for the guaranteed repurchase value.
This option eliminates the uncertainty in resale pricing that usually affects EV values in the secondhand market and provides owners more control over their mobility choices.
The extended ‘Assured Buyback’ program incorporates the commercial section in a first. If owners of MG's commercial EVs, like the ZS EV, are under three years old and have not driven more than 60,000 kilometers annually, they are qualified for secured resale benefits.
This is intended to allay fleet buyers' and private owners' concerns about depreciation, hastening the adoption of electric mobility in a variety of use cases.
Partnerships with Lockton India Insurance Broking and Advisory Ltd. and Zuno General Insurance support the expanded Assured Buy Back initiative by assisting with the administration and underwriting of the program's guarantees. This partnership demonstrates MG's efforts to offer creative ownership options in India's quickly developing EV industry while giving the buyback procedure legitimacy and structure.
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