The decision to choose between owning and hiring a car can be a difficult one for many private hire drivers. There are many responsibilities that come with owning a car, while PCO car hire offers drivers a more peaceful way to drive for ride-hailing companies like Uber and Bolt. If you are a new driver and want to know whether you should hire or own a car, you are at the right place. This article explains why hiring a PCO car is an affordable and peaceful way to drive and earn.
Low Upfront Costs
The biggest hurdle in owning a PCO-ready car is the high upfront costs. TfL has strict standards for cars eligible for Uber, Bolt, and other ride-hailing platforms. Such cars usually have a hefty price tag and not many drivers can afford to buy them.
For most drivers, buying a PCO-ready car means having to take loans, getting locked into long-term finance agreements, or emptying their savings.
PCO car hire takes away this stress. It allows you to drive a PCO-ready car for a small initial deposit and a fixed weekly fee. This way, you can start earning without loans or long-term financial commitments.
No Depreciation Worries
Owning a car is not just about the purchase price. It’s also about what happens to the car value over time. The value of PCO cars depreciates rapidly because of high daily mileage.
Buying a car for £20,000 and driving it for, let’s say, five years would put about 100,000 miles on it.
Cars with such high mileage often sell for significantly less than their purchase price. Dealing with this loss of value can be tough at times.
PCO car hire removes this worry since depreciation doesn’t affect you. The car provider deals with it. You simply drive the car, earn income, and return it at the end of the contract.
Repairs and Maintenance Handled
Every PCO driver knows the stress of unexpected breakdowns. Auto body repairs and maintenance can be expensive, and there’s loss of income due to downtime. You are responsible for handling all these matters when you own the car. On the other hand, PCO hire lifts the burden off your shoulders.
Regular servicing and maintenance are usually included in your package. Should anything go wrong with the car, you will get a replacement vehicle to keep earning. Knowing that the car provider is responsible for maintaining the car gives you peace of mind, knowing that you have nothing to worry about.
Insurance and Licensing
Sorting private hire insurance and vehicle licensing on your own can be tough and stressful. If you are the car owner, you will have to shop around for policies, deal with renewals, and keep all your vehicle-related documents in order to remain legal.
Any lapse can lead to hefty fines or even suspension from ride-hailing platforms. PCO hire mostly includes insurance and licensing in the agreement. This saves time, minimises stress, and ensures you are legally working.
Flexible Contracts That Adapt to Changing Circumstances
Owning a car ties you down. After one year, if you realise that the car is no longer suitable due to high running costs or changing industry regulations, you’ll probably end up selling it at a loss. Flexibility for PCO drivers is essential due to fluctuations in demand and the industry’s shift towards eco-friendly vehicles.
PCO car hire gives you the flexibility to adapt to your changing circumstances. At the end of your contract, you can switch to a new vehicle that is more fuel-efficient and complies with the emission regulations. This flexibility minimises the risk of being tied to a car that no longer meets your needs.
Support During Unexpected Events
Life as a PCO driver can be unpredictable. Accidents, breakdowns, or unexpected car issues can quickly bring your work to a halt and take away money from your pocket. With car hire, drivers usually get roadside assistance or replacement cars from the car provider in such situations. This allows you to drive and earn without disruptions.
Easier Financial Planning
With PCO hire, the drivers know what their weekly or monthly costs will be. Unlike car ownership, where your expenses can fluctuate due to unexpected repairs, PCO hire plans have a fixed weekly fee with everything you need included in it. This makes budgeting and financial planning more manageable, eliminates the worry of unplanned costs, and allows you to focus on maximising your daily earnings.
Affordable Eco-Friendly Vehicles
Many drivers switch to an electric or hybrid vehicle to save on fuel costs and avoid daily ULEZ charges. However, the ownership of these cars comes with its own set of challenges such as higher purchase price and charging infrastructure. More PCO car hire companies are lately providing affordable plans for electric and hybrid cars, helping you keep your running costs low without the worry of long-term investment or maintenance.
Peace of Mind While on the Road
Stress affects how you work. Owning a car comes with the constant worry of scratches, dents, or mechanical problems leading to costly repairs. With PCO hire, you know that when an accident happens, your provider will be there to help you with anything that’s included in the package, from breakdown assistance to replacement vehicles. A safety net is always at play here. With that sense of security, you can focus on delivering a pleasant passenger experience that leads to tips and positive feedback.
Final Thoughts
Though car ownership may be ideal for some drivers, PCO car hire brings peace to many others. With low up-front costs, no depreciation worries, flexible contracts, and insurance and maintenance included in the package, hiring a car offers a smoother, more predictable, and less stressful working experience. Choose what suits you best.
