HOW MUCH MORE DOES IT COST TO RUN A HACKNEY CARRIAGE COMPARED TO A PRIVATE HIRE VEHICLE?
The costs of operating a hackney carriage versus a private hire vehicle have long been debated and examined, but in this article we’ll be showcasing the latest financial differences for drivers in the two different industries.
This investigation highlights the LEVC TX, a cutting-edge, electric range-extended, wheelchair accessible vehicle designed for hackney carriage drivers, and the Toyota bZ4X, a fully electric vehicle tailored for private hire, including Uber drivers, flaunting an impressive range of over 300 miles.
THE FINANCIAL OUTLAY
Taxi drivers opting for the LEVC TX Vista model through a Personal Contract Purchase (PCP) arrangement will likely encounter a weekly expenditure of around £195. However, this comes with a hefty initial deposit of £5,000 and a substantial final balloon payment of £27,048 to secure ownership. Additionally, there’s a 30,000 annual mileage cap, with any excess mileage incurring a cost of 14.9 pence per mile.
Conversely, private hire drivers have an opportunity to access the Toyota bZ4X for £219 per week through a partnership between WeFlex and Toyota, under a 5-year Rent-To-Buy scheme. This option requires a modest £500 deposit and importantly, does not entail a final balloon payment. Moreover, drivers benefit from a higher mileage allowance of up to 40,000 miles per year.
CONCLUSION
This cost comparison between the LEVC TX for hackney carriages and the Toyota bZ4X for private hire vehicles uncovers just one aspect of the financial landscape facing drivers.
While weekly costs for drivers may be becoming more similar than they once were, the large amounts needed to enter the black cab market for a deposit and the astonishing amount to actually own the black cab are stark.