MG Motor South Africa has introduced More DRIVE, a Guaranteed Future Value (GFV) finance product from MG Finance. This new offering allows South African buyers to purchase vehicles with lower monthly repayments and a choice at the end of the contract to keep the car, trade it for a new MG, or hand it back. According to Jack Wang, Vice President in charge of Sales and Marketing for MG Motor South Africa, predictable cost of ownership brings peace of mind in a market where affordability remains paramount.
The More DRIVE plan works with agreements running from 24 to 48 months, similar to a traditional instalment sale with a balloon payment. However, the customer and MG Finance also sign a separate addendum, giving the customer the right to return the vehicle at the end of the term and have MG Finance settle the balloon, provided set conditions are met. This plan is available on the MG3, MG ZS, MG ZS PRO, and MG HS ranges through MG dealerships, subject to terms, conditions, and finance approval.
At the end of the term, owners can keep the car by settling or refinancing the GFV, return it and take out a new agreement on a new MG, or return it to any MG dealership and have MG Finance settle the GFV. The GFV agreements carry an annual kilometre limit, for example, 20,000 km per year, and the GFV is based on that allowance. Exceeding the limit by up to 2,000 km results in an excess kilometre charge.
The plan has specific conditions, including kilometre limits and wear conditions. Owners must keep up with official servicing and maintenance, and very small dents and scratches are generally acceptable. However, more serious damage must be repaired to the manufacturer’s standards before the vehicle is returned or traded in. An example offer is based on the MG HS 1.5 Turbo Comfort, which has a recommended retail price of R499,900.
The MG HS finance example shows that over 24 months with a 10% deposit and a 20,000 km annual limit, repayments start at R4,999 per month at an interest rate of 5.86% linked to prime, with a GFV of R384,923. An initiation fee of R1,207.50 and a monthly service fee of R69 apply. MG Finance is a product of WesBank, a division of FirstRand Bank Ltd.
According to Jack Wang, More DRIVE brings the range of vehicles within reach to many more customers. The plan offers a flexible and affordable way for customers to purchase a new vehicle. The introduction of More DRIVE is part of MG Motor South Africa’s efforts to make its vehicles more accessible to a wider range of customers.
The More DRIVE plan is a significant addition to MG Motor South Africa’s offerings, providing customers with a unique and flexible finance option. With its competitive pricing and flexible terms, the plan is set to attract a wide range of customers. MG Motor South Africa aims to increase its market share with this new offering.
Key points
- MG Finance launches More DRIVE, a guaranteed future value finance plan with lower monthly repayments and a choice at the end of the contract.
- The plan is available on the MG3, MG ZS, MG ZS PRO, and MG HS ranges through MG dealerships.
- Agreements run from 24 to 48 months with a 10% deposit and a 20,000 km annual limit.
