One of the most important aspects of a car purchase is the vehicles residual value. In short how much money will you retain when you sell your vehicle in the used car market. Research suggests that currently, the vehicle life cycle is around 3-5 years. This means the new-generation audience who earn more, spend more which leads to a reduced vehicle life span with the same owner.
In such cases, the residual value of the vehicle plays an important role. This resale value benefits the customer when the person wants to exchange the old car for a new one. One such example is the MG Hector. A customer recently traded their old MG Hector for the new 2021 Hector facelift by paying just INR 1.69 lakh.
Old Hector for New Hector
A customer from the state of Karnataka got INR 17 lakh on the old Hector which is close to 96% of the value. The old Hector was in the top-spec Sharp trim in the diesel engine avatar. The customer again purchased the 2021 Hector, which is the refreshed model, by paying just INR 1.69 lakh net amount. The new 2021 MG Hector is also in the top-of-the-line ‘Sharp’ trim. This example shows the excellent resale value that the MG Hector SUV is able to retain. The brand was also able to retain the customer, keeping them within the MG family.
MG Hector exchanged for Hector Plus
In another example, an MG customer exchanged a one-year-old Hector SUV (5-Seater) for the new MG Hector Plus SUV (7-Seater) by paying only about INR 3 lakh on the ex-showroom price. The old car was traded in for INR 15.60 lakh which means, nearly 95% price was retained. At INR 15.60 lakh the customer actually got more than what the car was purchased at the time of its launch.
2021 MG Hector Price
The MG Hector 2021 come with a starting price of INR 13,26,888 ex-showroom, Kerala and 13,17,800 ex-showroom, rest of India.
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