NewsStocksMG Motor India Extends EV Assured Buyback Programme to 5 Years with Up to 60% Value GuaranteeMG Motor India Extends EV Assured Buyback Programme to 5 Years with Up to 60% Value Guarantee
JSW MG Motor India has expanded its Assured Buy Back programme for electric vehicles from three to five years, offering customers flexible tenure options with guaranteed resale values of 40-60%. The programme, available to both individual and commercial buyers, covers vehicles up to three years old or with 60,000 km annual usage, and is facilitated through partnerships with Lockton India Insurance Broking and Zuno General Insurance to boost EV adoption confidence.
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JSW MG Motor India has announced a significant expansion of its Assured Buy Back programme for electric vehicles, extending coverage from three to five years to address long-term ownership concerns and boost customer confidence in EV purchases. The enhanced programme offers customers greater flexibility in resale planning while providing guaranteed value protection.
Extended Programme Features
The expanded Assured Buy Back programme now provides customers with multiple tenure options, allowing them to select guaranteed resale coverage after three, four, or five years of vehicle ownership. The programme offers resale value guarantees ranging from 40% to 60% of the vehicle's original value, depending on the specific plan chosen by the customer.
| Programme Details: | Specifications |
|---|---|
| Coverage Period: | Up to 5 years (previously 3 years) |
| Tenure Options: | 3, 4, or 5 years |
| Resale Value Range: | 40% to 60% |
| Maximum Annual Usage: | 60,000 km per year |
| Vehicle Age Limit: | Up to 3 years old |
Eligibility and Coverage
The programme is available to all buyers regardless of their financing method, covering both cash purchases and financed vehicles. Commercial buyers of the MG ZS EV are also eligible for the programme benefits. The coverage extends to vehicles that are up to three years old or have accumulated up to 60,000 kilometres per year of usage.
At the conclusion of their chosen tenure period, customers have multiple options available to them. They can choose to keep their current vehicle, return it under the buyback guarantee, or upgrade to another MG model, providing flexibility for changing mobility needs.
Industry Impact and Implementation
Anurag Mehrotra, Managing Director of JSW MG Motor India, emphasized that resale value concerns remain a significant consideration for potential electric vehicle buyers. The Assured Buy Back programme forms part of MG's broader Value Promise Program and is implemented through a partnership with Lockton India Insurance Broking and Advisory Ltd, with insurance coverage provided by Zuno General Insurance.
The programme operates independently of any loan products, allowing customers to benefit from depreciation risk reduction and simplified upgrade processes. MG Motor India expects this initiative to support broader EV adoption by increasing buyer confidence in electric vehicle ownership and addressing concerns about long-term value retention.
Programme Benefits
The key advantages of the extended programme include:
- Depreciation Protection: Guaranteed minimum resale values reduce financial risk for buyers
- Flexible Planning: Multiple tenure options accommodate different ownership preferences
- Upgrade Simplification: Streamlined process for transitioning to newer MG models
- Universal Access: Available to both individual and commercial buyers
- Financing Independence: Not linked to specific loan products or financing arrangements
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