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JSW MG Motor India Extends EV Assured Buyback Plan To Five Years
JSW MG Motor India has announced an extension of its Assured Buy Back program for electric vehicles, increasing the maximum coverage period from the previous three years to up to five years as part of its ownership initiatives for EV customers.
Under the updated program, EV buyers can select an assured resale value plan that guarantees a fixed resale value at the end of a chosen tenure of three, four or five years based on the option selected at the time of purchase.
The extended plan builds on MG's existing buyback offering that previously guaranteed up to 60 per cent of the original ex-showroom value after three years, and now offers a spectrum of assured values ranging between 40 per cent and 60 percent depending on the period and plan chosen.
This Assured Buy Back initiative is not linked to any specific loan or finance scheme, allowing customers to opt for the resale value guarantee irrespective of their method of purchase or financing arrangements.
For the first time in India, JSW MG Motor has extended the buyback benefit to include commercial EV owners, such as fleet operators of the ZS EV, provided the vehicle is not older than three years or has an annual mileage within specified limits.
The Assured Buy Back program is facilitated by partners, including Lockton India Insurance Broking and Advisory Ltd, along with Zuno General Insurance, who support the structured resale value guarantee framework offered under the extended tenure plans.
Speaking about the buyback program, Anurag Mehrotra, Managing Director, JSW MG Motor India, said, "As a customer-centric brand, MG has always introduced initiatives like B-a-a-S (Battery-as-a-service), lifetime warranty on EV batteries that make EV ownership a delightful mobility experience. 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), facilitated by Lockton India Insurance Broking and Advisory Ltd in partnership with Zuno General Insurance, we want to give MG EV owners complete peace of mind as we now offer a Assured resale value where a customer has option to choose the tenure from 3 to 5 years. We believe this initiative will play a key role in expanding India's EV market by eliminating a major concern for buyers and building stronger trust in electric mobility."
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