Value Promise initiative: MG extends buyback assurance for 5 years

In a new offering named 'Value Promise', JSW-MG Motor is expanding its assured buyback program for electric vehicles (EVs) to five years.

The initiative aims to ease resale concerns and improve confidence in India’s growing EV market.

Previously, the company provided a scheme of a three-year assured buyback, but has now extended it to five years. 

Under the “Value Promise” programme, MG EV buyers can opt for a guaranteed resale value after three, four, or five years of ownership. The assured buyback value ranges between 40% and 60%, offering greater clarity on long-term ownership costs in a market where depreciation remains a key concern. MG said the programme is independent of loan or financing schemes, making it available to customers regardless of their purchase method.

Customers can choose to upgrade to a different MG model, keep the car, or return it for a guaranteed repurchase value at the end of their selected tenure. In addition, the business has made it clear that fleet and commercial operators can also profit from this prolonged assured buyback program. This program is available to commercial owners of MG ZS EVs up to three years old, as long as they haven't travelled more than 60,000 kilometres a year.

Lockton India Insurance Broking and Advisory, in collaboration with Zuno General Insurance, facilitates the "Value Promise" initiative. The program aims to encourage the use of electric vehicles in India and reduce the risks associated with depreciation for EV owners. With the update, MG strengthens its commitment to creative ownership solutions in the developing EV market by being the first automaker in the nation to provide a five-year guaranteed repurchase on electric vehicles.