Are you looking for a reliable, reasonably priced car for your ride-hailing job? If you are a private-hire driver, you should choose a PCO car that complies with operator regulations, like those of Uber or Bolt. We would like to tell you about an easy solution to get a PCO-compliant road-ready car without high costs. There are two main options in London: PCO car rental and rent to buy PCO cars, which allow you to rent a PCO car with affordable payment plans. Let’s delve into the specifics of each and learn which is better to meet your needs.
Option 1- PCO Car Hire
For rookie or seasoned drivers who want complete freedom, a PCO rental agreement is an easy way to start earning with Uber or to avoid a temporary issue, such as having their car taken off the road.
A significant advantage of PCO Car Rental is its flexibility in accommodating your lifestyle. Typically, the minimum rental duration is several weeks. If you want to travel overseas to see your family, you can return the keys or take leave.
What is included in a PCO Rental Deal?
Most top PCO car rental companies offer a road-ready, Uber-approved car with everything included. However, it’s a good idea to ask questions because the specific conditions of a rental arrangement might differ.
Consider a rental plan that includes car insurance, breakdown cover, and road assistance. It makes sense to discuss the policy excess—then set the sum that insurance does not cover—and how it will operate in different circumstances. Since unexpected things happen, it makes sense to be ready for them.
What are the Basic Requirements to Qualify for PCO Car Rental?
If you already have a PCO licence, then make sure you meet certain conditions such as:
- Minimum age 25
- Live and work in Greater London
- Maximum 6 points on driving licence
- Maximum 2 fault accidents
- No significant convictions, such as an IN10
- A London private-hire operator’s registration
If you’re new to the PCO driving game and want to take advantage of the rent-to-buy car option, you should have at least 200 travels and one month of PCO experience. You can take a brand-new PCO car from day one and move to a rent-to-ownership contract.
Option 2- Rent to Buy PCO Cars
Every PCO driver’s dream is reaching the stage where your weekly rental payment takes you close to car ownership. Even if you do not have a good credit history, rent-to-buy PCO car plans can make this a reality. This is an excellent chance for you to change your life situation.
The rent to buy cars option typically doesn’t require a credit check, which is a significant distinction from a standard financing arrangement. You may maintain most of the rental flexibility while working towards owning a new (or used) PCO car. You can keep driving the vehicle or sell it when the contract ends.
As renting to buy cars operates differently for individuals, it’s better to read the fine print before agreeing. The primary benefit of rent to rent-to-buy cars option is that you can lock a PCO car at its current pricing. Your weekly payment won’t alter, even if the price of a new car increases.
What is included with a Rent to Buy Cars Plan?
Most rent to buy cars agreements include operating expenses in the weekly payment like car insurance. However, there are other things that are also needed, such as maintenance and 24/7 breakdown cover.
A comprehensive rent to buy arrangement includes everything required for hassle-free driving.
- PCO insurance & servicing
- MOT & PHV licences
- Breakdown cover
Similar to renting, the specific deal will vary from one provider to another, making comparison difficult. The contract’s duration is crucial, as it influences the weekly cost. The agreement dates back to the Toyota Prius’s heyday, three years ago. Rent-to-buy contracts typically run four to five years unless it’s a used car, in which case they are shorter. This is because PCO vehicle prices have been steadily getting more costly.
Summary-Should Uber drivers take PCO Car Hire or Rent to Buy Cars?
Hence, the best approach is hard to determine. Both options, PCO car rental and Rent to buy PCO cars, serve best from their perspective and you can choose according to your driving needs. Most PCO drivers like the chance to strive towards car ownership through a rent-to-buy scheme. Some people prefer to stay with a long-term rental car because it fits with their way of life.
Next Step
The Fleeto team is happy to discuss which options work for you and help drivers make smart choices. Feel free to reach us.
