JSW MG Motor India has announced an industry-first expansion of its Assured Buy Back (ABB) program, specifically designed for its electric vehicle (EV) lineup. This initiative makes MG the first car brand in India to offer a guaranteed resale value for a duration extending from three years up to five years.
The program is intended to address one of the primary concerns for EV buyers: depreciation and long-term resale value. By providing financial predictability, MG aims to bolster consumer confidence and accelerate the adoption of electric mobility across the country.
Key Features of the MG Value Promise Program
The extended buy-back scheme, also known as the MG Value Promise Program, offers several unique advantages for both private and commercial owners:
- Flexible Tenures: Customers can now choose an assured resale value for a period of 3, 4, or 5 years.
- Guaranteed Resale Value: Owners can receive a guaranteed resale value ranging between 40% and 60% at the end of their selected tenure.
- Independence from Finance: The program operates independently of any specific loan or finance scheme, offering flexibility regardless of how the vehicle was purchased.
- End-of-Tenure Options: At the end of the specified period, customers have the option to retain the vehicle, surrender it, or exchange it for a newer MG model.
- Commercial Fleet Coverage: In a segment-first, the program also covers commercial MG ZS EV owners for vehicles up to three years old or with an annual mileage of up to 60,000 km.
Strategic Partnerships
The program is facilitated exclusively by Lockton India Insurance Broking and Advisory Ltd in partnership with Zuno General Insurance. This collaboration ensures a transparent and predictable model for long-term ownership, helping to reduce the perceived risks associated with EV depreciation.
As the Indian EV landscape continues to evolve, initiatives like the extended Assured Buy Back program provide the clarity and confidence required for customers to transition to sustainable mobility.
Frequently Asked Questions (FAQs)
What is the maximum duration for the MG Assured Buy Back program? The program now offers guaranteed resale value for up to 5 years, an extension from the previous 3-year limit.
What percentage of the original value is guaranteed under this program? Depending on the selected plan and tenure, customers can receive a guaranteed resale value between 40% and 60%.
Are commercial MG electric vehicles eligible for buy-back? Yes, the program includes commercial MG ZS EV owners for vehicles up to 3 years old with a mileage limit of 60,000 km per annum.
Is the buy-back program linked to a specific bank loan? No, the MG Value Promise Program operates independently of any finance or loan scheme.
What can I do with my car at the end of the buy-back period? You have three primary options: you can choose to retain the vehicle, return it to the brand, or upgrade to a new MG model.
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