Working as a PCO driver allows drivers all around the UK to have the flexibility and independent working hours. As a PCO driver, this has a direct influence on your compensation systems. People choose to drive for rideshare applications such as Uber for two reasons: as a secondary source of revenue or as a full-time professional driver.
So the proper answer to the question “How much does a PCO driver make in London?” It is determined by two factors:
- Car Type: If you do not own the PCO vehicle, how much are you prepared to pay for the vehicle’s subscription plan?
- How Much Time You Devoted to Driving: The general rule for driving a PCO car is that the further you drive, the more you earn. However, certain circumstances raise the cost of income, such as travelling during peak traffic hours or unexpected changing weather which may increase a PCO driver’s profits.
PCO driving has provided fresh and simple opportunities for anyone who owns a car to make extra money in their leisure time. Here’s all you need to know about how much a PCO driver earns in London and the financial limits.
What Does a PCO Driver Make in London?
According to Uber’s updated PCO driver’s plan, all British drivers would be deemed professional workers and will be eligible for a minimum salary, pension, and paid holidays.
An average PCO driver earns around £20,000 to £30,000 per year. On the other hand, the average hourly cost for a UK-based PCO car is £9 to £15, which can increase to £18 to £25, depending on factors such as driving on Saturday nights, bank holidays, or during peak hours. This implies that an entry-level PCO driver may potentially make up to £21,288 per year. A professional PCO car driver may earn up to £42,760 per year.
Though this is the minimum salary for all ridesharing services, keep in mind that it might change based on the platform in which you collaborate. To clarify, below is a breakdown of an Uber driver’s predicted revenue depending on their driving schedule.
Given that the National Living Wage in London is £9.50 per hour a full-time PCO driver may easily make more, making it a great source of revenue for everybody.
What Are the Costs of a PCO Car?
As an on-demand driver, you still manage a small business as a PCO driver. This makes you eligible for all expenditures associated with your PCO vehicle, including fuel, maintenance, taxes, and insurance. So, in order to make a consistent income, keep the following things in mind while you arrange your PCO car driving schedule:
1. Your PCO Vehicle
The type and make of your PCO vehicle have a direct influence on your overall profits. However, if you do not own the vehicle, keep in mind that the membership fees for your PCO car will consume a significant portion of your weekly budget.
As a result, for full-time PCO drivers, the best option is to participate in the PCO Rent 2 Buy pricing scheme, which will provide you with complete ownership of your PCO vehicle. Depending on the vehicle, the weekly cost ranges from £219 – £265.
If you want to be a part-time PCO driver, choose the PCO car hiring option, which will cost you between £149 and £204 based on the kind of PCO vehicle.
2. Driver Service Fee for PCO
Each of the ridesharing applications listed below has a different service fee:
- Uber: 25%
- Bolt: 10%–20%
- Ola: 5%–20%
- Free Now (Kaptan): 15%
- Green Tomato Vehicles: 0%
Consider the service cost before signing – up for a ridesharing app, as it has a direct influence on your entire revenue.
3. The Expense of Maintenance
Your PCO vehicle will require service on a regular basis. However, until a severe problem occurs, you may not even notice the wear and tear. As a result, experts recommend setting up away a part of your weekly earnings for general service and seasonal tyre replacements. Please remember that the maintenance costs will vary depending on the drivetrain technology, power source (fuel or electric), and manufacturer.
4. Fuel Price
Whether you drive your own car or a PCO rental car, the most obvious expenditure is fuel. It is dependent on where you drive your PCO car and the model, especially the drivetrain. Electric vehicles can travel 100 miles on a single charge of £2 – £10. Modern vehicles with single internal combustion engines may cost up to £13 – £16 every 100 km. For comparison, hybrid PCO vehicles consume 20 to 35 % less fuel than typical diesel and petrol engines.
5. Congestion Charges
To keep London’s congested roads peaceful and the air quality acceptable, the government imposed congestion charges. If you want to drive your PCO car on London’s busiest streets, you’ll have to pay £15 every day which adds up to £2500 per year.
6. Tax
PCO drivers would have to pay taxes on their profits because they are regarded as equal workers. The tax cost may vary based on your weekly/monthly earnings and must be paid directly to the HRMC.
7. Insurance Fees
As a PCO driver who owns their vehicle, you will be responsible for managing your PCO vehicle’s PHV Insurance. The insurance policy can pay between £2000 to £4000, depending on the mileage driven each year, the age of your vehicle, and your driving experience. You will have to pay £55 to £60 per week for an average of £3000 PHV coverage.
PCO Car Hire in London
Looking for PCO rental plan in London? Arrow Car Hire provides high-quality and dependable PCO vehicles and also various PCO rental plans based on your budget and work requirements. We have no hidden fees, which makes hiring a PCO vehicle reasonable. Contact us right now if you want to hire a PCO vehicle!
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