WhatsAppThe pros and cons of PCO car hire in London
Getting started as a private hire driver in London can feel like a bit of a hassle. Some parts of the process, such as getting your PHV license approved, can take an astonishingly long time, and when you get to the final stages, it’s natural that you’ll want to get on the road as quickly as possible.
Here, we go through a quick, clear examination of the main pros and cons of PCO car hire, to help you decide whether it’s the right option for you.
What is PCO car hire?
First off, what exactly is PCO car hire?
Essentially, PCO car hire companies provide people with hire vehicles that are all set up and ready to go for private hire work.
The vehicles they provide are generally perfect for each of the various driving niches, and the service is more generally adapted to the needs of people working these jobs.
In addition to a car, you’ll also gain access to an important support network to help keep you on the road, which we’ll explore in a bit more detail below.
The pros
There are plenty of pros associated with PCO car hire.
Financially accessible
One of the main benefits of PCO car hire is how significantly this model can reduce financial barriers to entry. You can gain access to a new Mercedes saloon that would cost over £70,000 to buy outright for just a few hundred pounds a week, plus a small deposit.
As a result, even those with limited savings can get working in pretty much any vehicle they need, without having to first save up enough to buy a vehicle. Drivers then also gain access to reliable work, to save up for a vehicle if they wish.
Less administrative hassle
One of the main benefits associated with PCO car hire is how substantially it reduces the administrative hassle associated with owning and running a vehicle.
The hire company will typically take care of ensuring that the vehicle is licensed for private hire work, that it has the right kind of insurance, and that road tax and other similar administrative issues are dealt with.
Reduced responsibility
Cars are one of the least attractive assets to own. They cost a lot to maintain and operate, and depreciate at a staggering rate compared to most other assets of a similar price.
When you hire a vehicle, the majority of that financial responsibility is placed on the hire company rather than you. You won’t be left with a massively devalued asset, or have to deal with serious breakdowns.
They handle maintenance
Even the most reliable vehicle needs to be maintained, and it can occasionally decide that it just doesn’t want to work. If you own your vehicle, sorting this all out can be immensely costly and quite stressful.
PCO car hire services often take care of this for their customers. What’s more, when your vehicle is in for routine maintenance or to fix an unexpected issue, the hire company will often also provide you with a temporary vehicle to keep you on the road.
Flexibility
Compared to purchasing a vehicle, PCO car hire models offer immense flexibility. If you choose the right hire contract, you can have the option to change vehicles whenever you want, and if you decide that you need a break or can’t work due to health reasons, you can often pause your hire agreement.
This can take away a lot of the stress of having to commit to a single vehicle for potentially years to come, especially if you know that your situation is likely going to change in the near future.
The cons
PCO car hire won’t be perfect for everyone – these are some of the main cons.
No ownable asset
While there are a whole host of complications and costs associated with vehicle ownership, it is nonetheless something that many drivers will aspire to.
If that’s the case for you, you may want to consider purchasing a vehicle. That being said, it’s still worth asking PCO car hire companies if you can organise some kind of hire arrangement where you purchase the vehicle at the end of the contract, at a reduced rate.
Personalisation limitations
If you are really set on personalising your vehicle, then a PCO car hire option might not be the best for you. This will likely apply more to usability modifications than aesthetic changes, as you’ll probably want the car to be as visually standard as possible.
Higher fixed costs
Depending on the car and contract you choose, PCO car hire can work out as being more expensive than buying your vehicle. It’s important to work out what your operating costs would be with various hire and purchase options, so that you can make an informed decision that’s based on all the relevant pros and cons.
A hybrid alternative
As mentioned above, in some cases, you don’t have to choose between buying and hiring a car. Certain PCO car hire companies will also give you the option to buy your vehicle at the end of the contract period, often around 4 years.
It’s important to discuss this at the very beginning, if it’s something that you might want to pursue. You will often have to pay a bigger up-front deposit, and potentially pay slightly higher rental fees throughout your contract.
Check your contract
Not all of the pros or cons listed above will apply to all PCO car hire contracts, and it’s important that you inquire further into the details of the precise contract that you’re going to be signing.
Ask about everything, including whether they can add elements that aren’t listed on their website that might make it a more attractive option to you.
PCO car hire is a highly adaptable and attractive model for a wide range of private hire drivers operating in the country’s capital city. It’s important that you try to adapt the details of your contract wherever you can, so that they match your personal and professional requirements as closely as possible.