Toyota India announced an assured buyback scheme for the Hilux. The lifestyle pickup was launched in India last year and recently saw a price revision as Toyota aims to lure in new customers.
The buyback scheme offers customers an option to sell their Hilux back to the dealer at 70 percent of the price after 3 years.
- Toyota is offering assured buyback at 70 percent after 3 years
- EMI starting at Rs 33,000
- No mileage limit mentioned by Toyota India
Toyota Hilux: buyback or EMI?
It is worth noting that the carmaker has stated that this buyback offer is only available through Toyota Financial Services. If you don’t want to go down the buyback road, Toyota also offers an EMI of Rs 32,886, which sounds low, however, Toyota has not revealed the tenure. Considering that the price of the Hilux crosses the Rs 30-lakh mark, the tenure of the EMI would cross the 3-year mark, depending on the down payment.
However, an interesting clause that hasn't been mentioned by Toyota is vehicle mileage at the time of buyback. Manufacturers usually set a mileage limit for the buyback with a price deduction for going over the stipulated limit. For example, MG deducted Rs 7 for every kilometre (30,000km for the petrol variant and 45,000km for the diesel variant) over the limit when buying back the Hector.
Toyota Hilux features, price and rivals
The Hilux comes in three variants – the Standard MT, the High MT and the High AT. All models come with a 204hp, 2.8-litre, 4cyl, turbo diesel that can be mated to either a 6-speed manual or automatic gearbox. All models come with a 4x4 system that is equipped with a high- and low-range gearbox and an electronically locking differential.
The Hilux gets features such as Apple CarPlay and Android Auto, dual-zone climate control, leather upholstery, 7 airbags, front and rear parking sensors, electrochromic inside rear-view mirror, tyre angle monitor, active traction control and automated limited-slip differential.
The Hilux recently received a price revision. The Standard MT got its price cut by Rs 3.60 lakh and now starts at Rs 30.40 lakh (ex-showroom). The High MT and AT variants received a hike and now start at Rs 37.15 lakh and Rs 37.90 lakh respectively. This price is relatively steep when compared to its main competitor, the Isuzu D-Max V-Cross, which starts at Rs 20.6 lakh and goes up to Rs 25 lakh. However, the Toyota Hilux has been tried and tested globally, which will justify its price tag for ardent pickup lovers.
What are buyback schemes offered by car manufacturers?
Buyback schemes are usually offered in the premium vehicle segment with manufacturers like Mercedes-Benz and BMW offering this service to their customers. The buyback scheme assures customers who make large purchases that the company will support them when it's time to change their vehicle. Apart from just offering to repurchase the vehicle, customers also have the option of upgrading to a different vehicle from the same manufacturer or not availing of the buyback.
Toyota has taken a leaf out of Lexus' book with the buyback option. Last year, Lexus – the luxury arm of Toyota – offered a 60 percent buyback option on the ES 300h hybrid sedan in India.
Toyota is offering this scheme to stir up the lifestyle pickup truck segment. Isuzu has long held an edge over other pickups like the Tata Xenon or the Mahindra Bolero Pik-Up solely because it’s more oriented towards the lifestyle consumer and not strictly for commercial use. Older models of the Isuzu still hold value today and have not depreciated much over time.
With the buyback option, Toyota will also be able to open its doors to new customers who are interested in buying a dealer-approved, second-hand Hilux.
Also see:
Toyota Hilux starting price cut by Rs 3.6 lakh
Toyota Hilux review: Time-tested pickup