I currently own a 2020 Toyota Vellfire with ~65,000 km on the clock, and I’ve received an offer for ₹65 lakh. I’m considering selling it to buy the MG M9 EV MPV, which costs ₹75 lakh. My annual usage is just 2,500-3,000 km, mostly intercity trips to Chennai, Bangalore, etc. Would you advise me to sell the Vellfire and switch to the MG M9 EV, considering costs, depreciation, and suitability?

It really depends on why you want to sell the Toyota Vellfire, because moving to the MG M9 would not seem like a big upgrade. 

The Vellfire is very comfy and well-equipped, as is the M9; thus, buying the MG car would feel more like a lateral move than a step up in this regard. 

Moreover, a mileage of 65000 km on your car isn't a lot at all, especially for a Toyota car. Thus, you could keep the Vellfire, assuming there are no other issues with it. Where the M9 would be feel better is with the electric powertrain, which would give you lower running costs and a refined and silent drive.