HomeCar NewsMG Hector official 60 percent buyback scheme - How it works

MG Hector official 60 percent buyback scheme – How it works

MG Hector buyback scheme

MG Motor has looked into all potential doubts that customers may have about a new product and has launched special schemes to allay such fears. For example, customers’ apprehensions about quality are being allayed with industry-first 5 years/unlimited km warranty, 5 years/unlimited km road side assistance and 5 labour-free service. For concerns about the vehicle’s resale value, MG has launched its buyback program with assurance of 60 per cent buyback value after 3 years. However, there are certain conditions to make this work.

MG Motor 3-60 buyback program has been launched in partnership with CarDekho. Under this program, Hector customers will be assured of 60% value of the SUV’s ex-showroom price if they want to sell it after three years. One of the conditions is that the buyback program will be applicable only in combination with maintenance packages.

There are ‘Classic’ and ‘Premium’ maintenance packages for both petrol and diesel variants. Classic plan covers only scheduled maintenance whereas Premium plan covers normal wear and tear as well. However, things like battery, tyre and collisions are not covered under the above two plans. For that, is the top most plan – Elite plan, which covers everything. Pricing of Elite plan has not been revealed yet.

Classic maintenance package for petrol Hector costs Rs 40,000 whereas Premium package is for Rs 65,000. Similarly, maintenance package for diesel Hector costs Rs 50,000 and Rs 85,000 respectively. For petrol variant, the package will be applicable for 3 years/30,000 km, while for diesel, the upper limit is 3 years/45,000 km.

Buyback option will be available to customers only at the time of purchase. It can be availed by corporate entities as well, but it won’t be available to customers who buy Hector under lease agreement. The cost of the maintenance package can be included in the car loan, if it is approved by the financier. Another condition is that ownership should remain with the original buyer for three years to become eligible for the buyback scheme.

For customers who want to retain their Hector after three years, they can exercise their option of refinance. At any time during the three years, customers can also choose to return their Hector to any MG dealer in the same city as originally purchased. Any pending dues will have to be cleared by the customer. The option to upgrade to another MG car will also be offered to customers.

Mileage rules under the buyback program are quite strict, capped at 30k km for petrol variant and 45k km for diesel variant. If this limit is breached, the customer will lose Rs 7 per km from buyback value, for every additional km. Another condition for 3-60 buyback program is that insurance should be taken only from MG dealership and it must be valid till the duration of buyback tenure.

Modifications done by any other individual or entity other than MG authorized dealers will void the 3-60 buyback scheme. Any damage caused while applying or removing advertising decals will also result in cancellation of buyback program. However, MG will still try to offer customers the best resale value for Hector, after assessing the vehicle and applying relevant charges and penalties.

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