MG Motor’s entry-level offering, the MG Comet EV, is one of the most affordable electric cars. Moreover, like most other MG electric cars, the Comet is available with a BaaS scheme, which slashes a chunk of its upfront cost and makes it even more affordable. If you are considering the Comet EV, here is a detailed analysis of how much you can save by buying it with BaaS compared to buying it without BaaS.
MG Comet EV BaaS vs Ex-Showroom Price
| Variant | Ex-showroom price | Battery Price | BaaS Price |
| Executive 17.3kWh | Rs. 7.63 lakh | Rs. 2.64 lakh | Rs. 4.99 lakh + 3.2/km |
| Excite 17.3kWh | Rs. 8.73 lakh | Rs. 2.64 lakh | Rs. 6.09 lakh + 3.2/km |
| Excite 17.4kWh | Rs. 9 lakh | Rs. 2.64 lakh | Rs. 6.36 lakh + 3.2/km |
| Exclusive 17.3kWh | Rs. 9.73 lakh | Rs. 2.64 lakh | Rs. 7.09 lakh + 3.2/km |
| Exclusive 17.4kWh | Rs. 10 lakh | Rs. 2.64 lakh | Rs. 7.36 lakh + 3.2/km |
MG Comet EV Price Comparison: Initial BaaS Price vs Ex-Showroom Price
Unlike many electric cars with BaaS, the MG Comet EV has a battery subscription charge for both its battery packs, charging Rs. 3.2/km. With BaaS, the price of the Comet EV is Rs. 4.99 – 7.36 lakh + 3.2/km, which excludes the battery’s price of Rs. 2.64 lakh.
All the same, most finance partners of MG charge a minimum monthly subscription fee for 1,500 km. So, you have to pay at least Rs. 3.2 X 1,500 = Rs. 4,800 every month. Moreover, to drive 1,500 km in a 30-day month, you need to drive 50 km every single day.
ALSO READ: Battery as a Service (BaaS) Explained
MG Comet EV Price Comparison: Cost of Ownership
Here is an analysis of how different the ownership cost of the MG Comet EV with BaaS is from the ownership cost of the MG Comet EV as a whole unit.
Case A
MG Comet EV (Base Executive variant) with BaaS
Upfront cost: Rs. 4.99 lakh
Minimum monthly charge – Rs. 3.2 X 1,500 = Rs. 4,800
Charging cost
- The average domestic tariff for electricity is Rs. 8/unit (kWh).
- Charging a 17.3-kWh battery pack requires around 20 units (assuming minor transmission losses), costing Rs. 160.
- For the Comet EV 17.3-kWh battery’s claimed driving range of 230 km and real-world driving range, it will take around 7 full charging cycles to cover 1,500 km.
- Monthly electricity usage cost for 1,500 km will be around 7 X Rs. 160 = Rs. 1,120
Total monthly expenditure: Rs. 4,800 + Rs. 1,120 = 5,920
Total yearly expenditure: Rs. 5,920 X 12 = Rs. 71,040 + maintenance cost
5 years’ expenditure: Rs. 71,040 X 5 = Rs. 3,55,200 + maintenance cost
5 years ownership cost: Rs. 4,99,000 + Rs. 3,55,420 = Rs. 8,54,200 + maintenance cost
Now, if you finance the vehicle at a 9% interest rate for 5 years:
20% downpayment = 20 % of Rs. 4.99 lakh = Rs. 99,800
Loan amount = Rs. 3,99,200
Total amount = Rs. 3,99,200 + Rs. 98,004 (interest) + Rs. 99,800 = Rs. 5,97,004
5 years ownership cost (with BaaS) = Rs. 5,97,004 + Rs. 3,55,420 = Rs. 9,52,424 + maintenance cost
Case B
MG Comet EV (Base Executive variant) without BaaS
Upfront cost: Rs. 7.63 lakh
Charging cost: Rs. 1,120 (as calculated above)
Total monthly expenditure: Rs. 1,120
Total yearly expenditure: Rs. 1,640 X 12 = Rs. 13,440 + maintenance cost
5 years’ expenditure: Rs. 13,440 X 5 = Rs. 67,200 + maintenance cost
5 years ownership cost: Rs. 7,63,000 + Rs. 67,200 = Rs. 8,30,200 + maintenance cost
Now, if you finance the vehicle at a 9% interest rate for 5 years:
20% downpayment = 20 % of Rs. 7.63 lakh = Rs. 1,52,600
Loan amount = Rs. 6,10,400
Total amount = Rs. 6,10,400 + Rs. 1,49,854 (interest) + Rs. 1,52,600 = Rs. 9,12,854
5 years ownership cost (without BaaS) = Rs. 9,12,854 + Rs. 67,200 = Rs. 9,80,054 + maintenance cost
Difference between cost of ownership of models with BaaS and without BaaS = Rs. 9,80,054 – Rs. 9,52,424 = Rs. 27,630
Therefore, in 5 years of ownership, an MG Comet EV (Executive) with BaaS will save you around Rs. 27,630 compared to buying the same model as a whole unit.
ALSO READ: Electric Cars Available with BaaS Scheme in India
Final Thoughts
While the MG Comet EV is already seen as an affordable electric car, the availability of the BaaS scheme makes it even more attractive for budget-conscious buyers. With that being said, since most finance partners charge a minimum monthly subscription fee for 1,500 km, it is important to estimate your daily driving needs, as you will need to drive nearly 50 km daily to make the most of the Comet EV BaaS scheme. Moreover, considering the five-year ownership of an MG Comet with BaaS (on finance) and without BaaS (on finance), you save up to Rs. 27,630 by buying the MG Comet EV with BaaS.
FAQ
What are the MG Comet EV BaaS prices?
The MG Comet EV BaaS prices are Rs. 4.99 lakh + Rs. 3.2/km for Executive 17.3 kWh, Rs. 6.09 lakh + Rs. 3.2/km for Excite 17.3 kWh, Rs. 6.36 lakh + Rs. 3.2/km for Excite 17.4 kWh, Rs. 7.09 lakh + Rs. 3.2/km for Exclusive 17.3 kWh, and Rs. 7.36 lakh + Rs. 3.2/km for Exclusive 17.4 kWh.
Is the MG Comet EV with BaaS a good deal?
Yes! The MG Comet EV with BaaS saves the upfront cost of Rs. 2.64 lakh, compared to buying the same car as a whole unit. Moreover, in 5 years of ownership, the Comet EV with BaaS should remain around Rs. 27,630 more affordable, compared to the 5-year-ownership of the same model without BaaS.
What is the battery subscription charge of the MG Comet EV BaaS?
The monthly battery subscription charge of the MG Comet EV with BaaS is Rs. 3.2/km.
What is the driving range of the MG Comet EV with BaaS?
BaaS scheme does not affect the driving range of an electric vehicle. With BaaS, the MG Comet EV has the same claimed driving range of 230 km as the model without BaaS.
