According to a document, we now know that the MG Windsor will get 4 battery subscription options starting from Rs. 0 per month. So far, we had only received information from MG officials that the monthly subscription will start from Rs. 5,250 per month, which would include up to 1,500km. For someone driving much less than 1,500km per month, this would end up becoming an additional expense.
If you opt for the pay-as-you-drive plan from their financial partner Vidyut Tech, the Windsor owners can enjoy zero monthly payments for battery subscriptions if they don’t drive. While we don’t know the rate of interest under this plan, we expect it to be higher than those from Bajaj Finserv and Hero Fincorp. Therefore, during the ownership, you may pay less amount, but if you want to buy out the battery, then the outstanding principal may be higher since you have a higher rate of interest.
Under the Bajaj Finserv plan, you end up paying Rs. 5,250 per month and have an upper limit of 1,500km per month. However, if you drive much more, then the Hero Fincorp’s plan allows you to drive as much as you want while keeping a base monthly payment of Rs. 5,250 with a bundle of 1,500km per month. Additional kilometres of driving would attract Rs. 3.50 per kilometre with Hero Fincorp.
Finally, for Windsor buyers with a low credit rating, the rate of interest will be higher at Rs. 5.8 per kilometre. It also requires a monthly payment of Rs. 8,700, which includes 1,500km of monthly driving. This option will come from MG’s finance partners Ecofy or Autovert and it also includes more driving if you wish to drive more, then there’s additional payment. Only the Bajaj Finserv option doesn’t offer more driving option and fixes the ceiling at 1,500km.
Complete Ownership — Exit Options
In terms of exit options, you have the following:
- Keep Calm & Carry On: You can continue to pay the amount throughout the ownership of the vehicle. This option leaves the risk of severe battery degradation or malfunction with MG. Thus, you enjoy a practically lifetime unlimited kilometre warranty.
- Foreclosure: In this case, you can pay off the remaining outstanding principal and get full ownership of the vehicle.
- Return To MG: In this case, you can sell the vehicle back to MG after 3 years with 60% of buy back value. However, you can only go for this if you have opted for the 3-60 plan upfront.
Also Read: 2024 MG Windsor EV Test Drive, Booking Amount, Delivery Timelines
Note: If you want to buy a new car, Calculate Car Loan EMI with V3Cars
Which Subscription Option Is Best?
Let’s divide the situation up into use cases:
- You may want full ownership but don’t know when and don’t drive much: In this case, the Hero Fincorp option is the best, but you can also choose Bajaj Finserv if you have had good experience with them in the past. The reasonable interest rate of 9% means you can opt out of subscription during the ownership buy paying the outstanding principal for the battery.
- You may want full ownership but don’t know when and may need to drive a fair bit once in a while: Here too, Hero Fincorp is a good option, in fact, it’s the best option since Bajaj Finserv don’t allow running of more than 1,500km per month. Moreover, a reasonable rate of interest will make sure that you’re able to pay off the battery cost a little sooner.
- You don’t intend to take full ownership any time soon and want total flexibility of payment and driving during the ownership: While we aren’t sure of the rate of interest Vidyut Tech will charge, we don’t expect it to be as lucrative as that from two major lenders. So, this option is best if you just want the flexibility of driving as much as you want but don’t foresee paying off the outstanding cost of the battery to get full ownership.
Lastly, the low credit score options are naturally expensive and not recommended unless you have absolutely no other options.
Also Read: 2024 MG Windsor EV Launched At Rs. 9.99 Lakh
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