Yesterday, we told you about Toyota Financial Services Philippines’ new Kinto One leasing program. It’s an industry-first (locally speaking) service that offers customers the opportunity to use Toyota cars without actually buying or owning them. In the article, we said that this setup was perfect for people who “have no interest in acquiring a car of their own, but certainly need to move around.” When we wrote that line, we were actually thinking of frontliners who desperately need a means to travel in this time of inadequate public transportation.
But the Kinto One rates we got from Toyota today tell us that those people may not be able to afford this leasing scheme. Turns out the cheapest monthly fee available under the program is P28,478 for 48 months (Vios 1.5 G AT). We’re not sure regular folks with regular salaries will be enticed to bite.
Don’t get us wrong: Kinto One is a brilliant proposition—for the right type of clients. And these clients, we think, are corporate expatriates and companies that require medium-term transportation for their personnel.
As this program progresses, we picture it evolving to also accommodate private car users by making the rates a lot more competitive. For now, however, this makes a lot of sense for business people. It’s a good start, and we’re rooting for its success.