If you’re considering becoming a taxi driver, it’s logical to assume you’ll want to make as much money as possible while you’re out on the road. While there may be other aspects of the job you find appealing, when all’s said and done your main concern is likely to be the amount of money that you’ll be taking home.
So, if you’re in the process of starting up as a taxi driver, you might be wondering which type of car will help you take home the biggest pay packet. For taxi drivers, the most common vehicles to use are private hire cars and black cabs, and while there are other types of vehicles used by taxi drivers it’s these two that we’ll be focusing on here. So, which one will help you earn the most? Let’s find out…
If you’ve ever been a passenger in a black cab, you’ll know they can be pricey compared to a regular taxi. This is because the rate is calculated using a meter, which usually charges at a higher rate. As a taxi driver, you’ll pocket the majority of your fares, minus your expenses, so with black cab drivers making more money per trip, this could well be your best earner.
With that being said, most people are aware of the increased cost of using a black cab, so you might not get as many customers, which could even things out a little more than you’d expect. Nevertheless, the general consensus is you can earn more in fares using a black cab compared to a private hire car.
Acquiring your vehicle
So now we know you can make more money in fares by driving a black cab, you’d be forgiven for basing your decision purely on that, but hold your horses as there are a few more things to consider that might change your mind.
Before you can start off as a taxi driver, you’ll need to get yourself some wheels. If the lure of higher fares means that you are dead set on a black cab, then you need to be aware of the cost of purchasing one of these vehicles. A black cab will set you back a fair bit – usually in the region of £30,000, which is a substantial outlay and guaranteed to put a dent in anybody’s finances.
On the other hand, if you opt for a private hire vehicle you can pretty much use any vehicle you like – so long as it’s road-worthy that is! This means you might already have a suitable vehicle sitting on your driveway, so you won’t have to stump up thousands of pounds before you hit the road.
Some people are reluctant to flag black cabs in the street as they don’t feel as safe. Getting into a cab doesn’t require a pre-booking so this can put some passengers off, which could affect business. If you’re working for a private hire company, customers will be required to call the office and book the car, which removes those fears.
If you’re about to become a cabbie, you’ll need a taxi insurance policy before you can begin your new career. As you’ll be on the roads for long periods of time, these policies can be expensive and the type of vehicle you choose could impact the cost massively.
Regardless of which type of car you drive – a black cab or private hire car – your insurance will depend on a range of factors including your location, distance covered, driving record, and more. Each quote you receive will be different, so the best way to find out which policy meets your needs in terms of both suitability and price is to compare taxi insurance with us. We compare deals from many of the market’s biggest and best providers, so to find a great policy consider comparing with Quote Goat or speak to one of our helpful advisors today!