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how can i cut my expenses down?
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Author:  mrmajeika [ Sat Aug 23, 2014 4:41 pm ]
Post subject:  how can i cut my expenses down?
I started out as a private hire driver a year ago. I originally looked in to buying my own car but i was getting insurance quotes for £4000. I decided on renting a car from a garage who rent out a number of taxis. I pay £100 per week for the car which covers all maintenance and repairs. It also covers the fees for the plates which i think is £250 a year. It also covers tax. I am paying them £60 p/w for insurance also. After doing it for a year now and i just don't seem to be making enough. I am only averaging about £650 p/w in takings doing about 60 hours. I have been thinking recently about getting my own car but I want to know if it will actually bring my costs down. If i do get my own car I will look in to getting a fairly new car so that i will hopefully not be spending a fortune on repairs. What are the average maintance and repair costs if you have your own car. Including wear and tear. I am just trying to work out if i will actually save myself a significant amount of money.
Author:  toots [ Sat Aug 23, 2014 4:47 pm ]
Post subject:  Re: how can i cut my expenses down?
I did some costings for this a while ago and to be honest if you are buying a new car on finance there was little if any difference to settling at £90 plus £60 insurance. The benefit only kicked in once you owned the vehicle outright and the insurance of course will come down over the years providing you have no accidents. Unfortunately there isn't a quick fix solution. Have you considered getting your own operators licence and trying to build up your own work to airports etc
Author:  mrmajeika [ Sat Aug 23, 2014 5:07 pm ]
Post subject:  Re: how can i cut my expenses down?
I have not considered getting my own operators licence. So do you mean that I would then be able to advertise to try and get more jobs? I have been thinking about getting a 9 seater. I work in a community where the families are large so i am thinking that i could get quite a bit of extra work.
Author:  bloodnock [ Sat Aug 23, 2014 5:42 pm ]
Post subject:  Re: how can i cut my expenses down?
A total of a £160 per week for a car, Plate and Insurance...Takings of £650 per week A gross pre tax profit of say £390.00 per week after fuel..theres people making a whole lot less than that each week.

Try buying a car at say £300 per month, Insurance of at least £100+ a month, vehicle repair costs of £150 per month.and vehicle depreciation costs £300+ per month at best. Thats £850 a month at least...so your all in deal of £160 per week don't seem so bad after all.
Author:  mrmajeika [ Sat Aug 23, 2014 6:01 pm ]
Post subject:  Re: how can i cut my expenses down?
bloodnock wrote:
A total of a £160 per week for a car, Plate and Insurance...Takings of £650 per week A gross pre tax profit of say £390.00 per week after fuel..theres people making a whole lot less than that each week.

Try buying a car at say £300 per month, Insurance of at least £100+ a month, vehicle repair costs of £150 per month.and vehicle depreciation costs £300+ per month at best. Thats £850 a month at least...so your all in deal of £160 per week don't seem so bad after all.



You didn't include the £100 track i pay to the operator
Author:  bloodnock [ Sat Aug 23, 2014 6:12 pm ]
Post subject:  Re: how can i cut my expenses down?
mrmajeika wrote:
bloodnock wrote:
A total of a £160 per week for a car, Plate and Insurance...Takings of £650 per week A gross pre tax profit of say £390.00 per week after fuel..theres people making a whole lot less than that each week.

Try buying a car at say £300 per month, Insurance of at least £100+ a month, vehicle repair costs of £150 per month.and vehicle depreciation costs £300+ per month at best. Thats £850 a month at least...so your all in deal of £160 per week don't seem so bad after all.



You didn't include the £100 track i pay to the operator


That might have been because you never mentioned it..
Author:  mrmajeika [ Sat Aug 23, 2014 6:30 pm ]
Post subject:  Re: how can i cut my expenses down?
bloodnock wrote:
mrmajeika wrote:
bloodnock wrote:
A total of a £160 per week for a car, Plate and Insurance...Takings of £650 per week A gross pre tax profit of say £390.00 per week after fuel..theres people making a whole lot less than that each week.

Try buying a car at say £300 per month, Insurance of at least £100+ a month, vehicle repair costs of £150 per month.and vehicle depreciation costs £300+ per month at best. Thats £850 a month at least...so your all in deal of £160 per week don't seem so bad after all.



You didn't include the £100 track i pay to the operator


That might have been because you never mentioned it..



Oh right sorry i didn't :)

If i was to get a new car where would be the be the best place to look? Should i go with someone like cabdirect or am i better off just finding any dealer
Author:  wannabeeahack [ Sun Aug 24, 2014 7:39 pm ]
Post subject:  Re: how can i cut my expenses down?
mrmajeika wrote:
I started out as a private hire driver a year ago. I originally looked in to buying my own car but i was getting insurance quotes for £4000. I decided on renting a car from a garage who rent out a number of taxis. I pay £100 per week for the car which covers all maintenance and repairs. It also covers the fees for the plates which i think is £250 a year. It also covers tax. I am paying them £60 p/w for insurance also. After doing it for a year now and i just don't seem to be making enough. I am only averaging about £650 p/w in takings doing about 60 hours. I have been thinking recently about getting my own car but I want to know if it will actually bring my costs down. If i do get my own car I will look in to getting a fairly new car so that i will hopefully not be spending a fortune on repairs. What are the average maintance and repair costs if you have your own car. Including wear and tear. I am just trying to work out if i will actually save myself a significant amount of money.


£160/wk car+plates, £60/wk insurance so just add fuel? (£220)

here its £320/wk for a car (just add fuel) so count your blessings
Author:  toots [ Mon Aug 25, 2014 6:44 pm ]
Post subject:  Re: how can i cut my expenses down?
mrmajeika wrote:
I have not considered getting my own operators licence. So do you mean that I would then be able to advertise to try and get more jobs? I have been thinking about getting a 9 seater. I work in a community where the families are large so i am thinking that i could get quite a bit of extra work.


If you have your own operators licence you can advertise for your own work
Author:  wannabeeahack [ Tue Aug 26, 2014 9:43 am ]
Post subject:  Re: how can i cut my expenses down?
toots wrote:
mrmajeika wrote:
I have not considered getting my own operators licence. So do you mean that I would then be able to advertise to try and get more jobs? I have been thinking about getting a 9 seater. I work in a community where the families are large so i am thinking that i could get quite a bit of extra work.


If you have your own operators licence you can advertise for your own work


if he can get a hack car he wont need an Ops licence
Author:  minicabs [ Wed Aug 27, 2014 8:03 pm ]
Post subject:  Re: how can i cut my expenses down?
Take more weeks off, and work HARD and LONG on the weeks you do work, you'll feel better from the weeks off and motivated to put the hours in.

Honestly dont know why more drivers dont do this!
Author:  toots [ Wed Aug 27, 2014 8:16 pm ]
Post subject:  Re: how can i cut my expenses down?
wannabeeahack wrote:
toots wrote:
mrmajeika wrote:
I have not considered getting my own operators licence. So do you mean that I would then be able to advertise to try and get more jobs? I have been thinking about getting a 9 seater. I work in a community where the families are large so i am thinking that i could get quite a bit of extra work.


If you have your own operators licence you can advertise for your own work


if he can get a hack car he wont need an Ops licence


Nah of course not but he never asked that question did he he asked about private hire
Author:  wannabeeahack [ Wed Aug 27, 2014 9:00 pm ]
Post subject:  Re: how can i cut my expenses down?
minicabs wrote:
Take more weeks off, and work HARD and LONG on the weeks you do work, you'll feel better from the weeks off and motivated to put the hours in.

Honestly dont know why more drivers dont do this!


He may not have the option for weeks off, not without paying to keep his "slot" as some bases would insist he pays or risks not having a radio or car available when he comes back
Author:  Nidge2 [ Thu Aug 28, 2014 4:29 am ]
Post subject:  Re: how can i cut my expenses down?
mrmajeika wrote:
I started out as a private hire driver a year ago. I originally looked in to buying my own car but i was getting insurance quotes for £4000. I decided on renting a car from a garage who rent out a number of taxis. I pay £100 per week for the car which covers all maintenance and repairs. It also covers the fees for the plates which i think is £250 a year. It also covers tax. I am paying them £60 p/w for insurance also. After doing it for a year now and i just don't seem to be making enough. I am only averaging about £650 p/w in takings doing about 60 hours. I have been thinking recently about getting my own car but I want to know if it will actually bring my costs down. If i do get my own car I will look in to getting a fairly new car so that i will hopefully not be spending a fortune on repairs. What are the average maintance and repair costs if you have your own car. Including wear and tear. I am just trying to work out if i will actually save myself a significant amount of money.



Do what I'm doing, sack the job off and let someone else pay you.
Author:  roythebus [ Thu Aug 28, 2014 7:16 am ]
Post subject:  Re: how can i cut my expenses down?
The op sounds like a lot who join this trade thinking there's a fortune to be made out there. there is, for the barons who run the radio circuits!

As well as reducing costs (almost impossible) has he applied for working tax credit? That can pay up to £90 a week depending on circumstances and brings other benefits like council tax and rent rebates. 8)
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