Taxi Driver Online

Hi guys have learnt the ropes of the trade now over the last couple of years and wondering weather its worth buying another taxi(hackney) off a retiring driver or drivers leaving the trade and renting it out.

Is there much of a profit marging, and if so is it more hassle than its worth?

Anyone here dabbled with this before? Any feedback would be handy.

IT all depends for how much and how long it will take you to re-coup your money.

If you are renting at, say, £250 a week, and the plate is worth £10,000, then taking into account insurance and running costs you could get your money back in a year.

Having your own car is a good thing IMO, but it's horses for courses.

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IDFIMH

Depending on requirements in your area?
Don't forget the "Equal opportunities bill" as I'm pretty sure this will have a big impact on the trade in general..... That being on what type of vehicle you may have to purchase and whether or not there is going to be a future in the trade....
This, in my opinion, is what comes after the aftermath of the disablement act and the cock up's that were brought in with that....

If you are absolutely sure you will make a livable income that will support you and family (if you have one) then buy your own.....

Sorry if I haven't worded things correctly guys. I already own my own cab(hackney) and this would be a 2nd (hackney)cab which I would rent out for extra income.

Has anyone done this in the past or at present and is it financial viable after maintenance costs insurance for the driver renting and having to be available 24/7 if anything goes wrong with the vehicle???

You must know your income from Cab 1, the only difference with Cab 2 is that they wont look after it in the same way you look after Cab 1.

If anything goes wrong with the vehicle at silly o'clock in the morning, tell the driver where it needs towing to, or buy him AA cover.

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IDFIMH

What is the resale value of the plate and vehicle and what would be your initial layout?
Would you have to take out a loan to do it? If so you would have to rent it out at cost and whatever marginal profit you expect from it, plus breakdown cover? If you don't have this I doubt you would find a driver to take it on (unless he's a mug!).
Finding a decent driver to work it is always difficult as they would expect to make at least the minimum working wage out of it. Most that rent never take care of it as it is not their's......
Have you thought this out properly?
With respect, I don't think you have..... But it's your choice at the end of the day

ditto......