What is the best way to test the waters with Uber in London and see if it is the right job for you? Hire a PCO registered vehicle and see if it works out for you for a few weeks. Car rental is also a viable alternative for Uber drivers who don’t have their vehicle and don’t intend to buy one. The Uber car rental is tax-deductible, so if you do your taxes at the end of the year, it might be even cheaper to rent than to buy.
PCO Private Hire Vehicle In London – Rent An Uber Approved Car
There are also a lot of rent-to-buy options for people who prefer to buy over rent, and that is fine too. You might have to talk to an accountant to see if any of those expenses you can be deducted from your taxes at the end of the year. Rent-to-buy is a bit more expensive than conventional financing from a proper dealership, but most companies include free maintenance and repairs, so it is still a viable alternative, especially if you have less than stellar credit score.
Now comes the question – where to rent a PCO registered vehicle? Well, there are plenty of options – some are good, some are not that good. I hired a few cars back when I started driving for Uber to get a proper feel of how does it work. I didn’t want to invest in my vehicle just yet since I wasn’t sure how much money I can make with Uber. It was perfect for me because I only had a four weeks commitment. If you don’t like it you just simply return the car and go on your merry way. That is not the case if you go and finance a car from the very beginning. It turns out Uber was alright for me. I decided to rent until I find a decent vehicle to buy and I have enough money to do so.
There are a lot of companies and people who offer PCO car hire in London – from big reputable companies to small ventures and individuals outfits. There are plenty of in-between too. You have to be careful who you rent a car from and what you sign up for. A lot of the small companies, especially the ones on Gumtree and similar sites, can be very dodgy terms and conditions. Often the deposit you pay is non-refundable and quite high at times. I tried a few of them in my first few months driving with mixed experiences. The problem with hired cars is the same as the problem you have with rent-a-car vehicles. If you are unlucky enough to scratch the exterior or the wheels of the car – you pay up. It is even worse if you get into an accident. Your deposit will cover the damage, but you are still out of pocket for a significant sum of money. Chances are you will scratch the car or hit the curb at least once a month in London.
PCO Car Hire Companies in London – Insurance And Rent Prices
I know a lot of people are wondering who offers the best deals in the PCO car hire industry so here are some of the tried and true PCO cars hire companies in London. We can currently recommend Drover as the only true option due to platform stability, extremely low risk of dishonesty and issues with the deposit. Please read below more about Drover as a company and as a platform to hire a car for Uber in London:
Drover started initially like part-time hourly rentals, but it seems that they switched their business model to a platform for PCO vehicles owners to rent their cars. Drover on its own doesn’t own any cars, much like Uber, but they get you in touch with private hire cab lenders and even some car manufacturers willing to offer you a great deal. They seem to have some great suggestions and provide hefty discounts if you commit to longer periods. Not a bad deal at all if you are planning to keep the car for a couple of months – pricing gets better for every week you add to your initial booking.
Since Drover is the middleman, they guarantee both sides. The ensure that PCO car hire owners receive their payment if there are any issues with the driver. They also ensure that the lender doesn’t scam the driver with the deposit or any other unreasonable charges. It works perfectly for both parties and adds a much-needed level of security.
They have plenty of cars available at the moment – you can rent a 2015 Toyota Prius for £220 a month with included fully comprehensive insurance and maintenance. They also have plenty of executive cars, seven-seater Uber XL vehicles and even vans for hire with small deposits. The booking process takes less than 5 minutes, and you can earn £50 bonus so here it is the link:
Should I rent or buy a PCO / Private Hire Car for Uber in London?
That is a very tough question, and only you can answer this question. If you are full-time Uber driver and make some serious money with Uber, it might be worth to buy rather than rent. The problem here is car depreciation, maintenance and enough money to maintain a car properly. Yes, some of us are handy, and it is sure to find cheap tyres and replace the brakes on your own.
The real problem comes when the engine busts a head gasket, the transmission decided not to shift any more, or the catalytic converter backs up with carbon and needs replacement. All there are very costly repairs worth thousands of pounds. Another question is how much will be the car you buy worth after three years of hard work on the congested London streets? Not much, to be honest, we all know vehicles used as cabs depreciate the fastest. You can read more in the economics of Uber driving and decide for yourself.
With a rental, you can forget about all these problems, but the weekly cost is significant, so it quickly adds up. The average PCO car hire price in London is above £200 a week with insurance included. Nowadays that’s at least two days of work. You start the week and have to work for free for two days before you start making money for yourself. When we add petrol costs, it might add up to three days. That’s dishearting for part-timers at best, especially if you don’t want to work Friday and Saturday night and on the weekends. True, it is easier to make money at night, but that’s a hard life, and not many people want to do it.
The good bit about hiring is that it is tax-deductible. You claim petrol, rent, and insurance off your taxes. If you work a lot of hours and make money with Uber, you can save some serious cash on your taxes.
I am not trying to scare you off from renting or buying a vehicle – just want to give you some food for thought before making a conscious decision. If you have any questions – as usual, hit me up. Cheers!
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