MG Announces Extended Assured Buy Back Program for EVs
The program, called the MG Value Promise, now offers assured buyback options at the end of three, four, or five years.
Pune: In order to speed up adoption of electric cars, JSW MG Motor has expanded an industry-first Assured Buyback program for its electric vehicles.
The program, called the MG Value Promise, now offers assured buyback options at the end of three, four, or five years.
“Resale value has been a key consideration for many customers who are considering buying an EV. With our industry-first MG Value Promise Program (Assured Buyback), we want to give MG EV owners complete peace of mind as we now offer an assured resale value,” said Anurag Mehrotra, MD, JSW MG Motor India.
Until now, MG’s buyback scheme was limited to a three-year tenure, with a guaranteed resale value of up to 60 per cent. With the latest update, the company has extended the coverage period to five years.
Under the scheme, customers can choose a tenure of three, four, or five years at the time of purchase. At the end of the selected period, owners can either retain the vehicle, surrender it to avail the assured resale value, or upgrade to a new MG model.
The buy-back value can range from 40 per cent to 60 per cent depending on the plan they select.
The buyback program is not linked to any specific finance or loan package, and customers can opt for it independently.
Customers will have the option to retain, surrender or exchange their vehicle at the end of the tenure, the company said.