Working as a PCO driver promises flexible and freelance working hours for drivers across the UK. This directly impacts your overall income as a PCO driver. People primarily choose to drive for rideshare apps such as Uber for two various reasons; as a second source of income (part-time driver) and as a full-time professional driver.
So the right answer to the question “How much a PCO driver earns in London?” is that it depends on two things:
- The Type of Car You Drive: In case you don’t own the PCO car, how much are you willing to pay for the vehicle’s subscription plan?
- ● How Much Time You Dedicated to Driving: The rule of thumb for driving a PCO car is that the more you drive, the more you will earn. However, certain factors add to the cost of income, such as driving during high traffic hours or sudden weather changes that might boost a PCO driver’s earnings.
PCO driving has opened up new and easy ways for people with a car to spare some time in order to earn extra money. Here is everything you need to know about how much a PCO driver earns in London and the financial constraints.
How Much a PCO Driver Earns in London
According to the renewed PCO driver’s plan by Uber, all UK-based drivers would be considered working employees, and so they will be guaranteed a minimum wage, pension, and holiday pay.
An average PCO driver earns around £20,000 to £30,000 per year. On the other hand, the average rate per hour of a UK-based PCO car is £9 to £15, which can boost up to £18 to £25 based on certain factors such as driving on Saturday evenings, bank holidays, or peak hours. This means that while an entry-level PCO driver can easily earn up to £21,288 annually. An experienced PCO car driver can earn an income up to £42,760 per year.
Though this is the standard income for all rideshare apps, note that the wage can vary depending on the platform you are partnering up with. To make it more clear, here is a break-down of the estimated income of an Uber driver’s earning based on their driving plan are mentioned in the table below:
|Work Routine||Average Hourly Earnings||Estimated Weekly Earnings||Estimated Monthly Earnings||Estimated Yearly Earnings|
|Full-time (45 hours per week)||£15 to £20||£675 – £900||£2,835 – £3,780||£35,100 – £46,800|
|Part-time (20 hours per week)||£300 – £400||£1,260 – £1,680||£15,600 – £20,800|
Considering the fact that the National Living Wage in London was £9.50 per hour (£427.5 hours in a 45-hour week), a full-time PCO driver can easily earn more than that, making it an ideal source of income for everyone.
What Are the Expenses of a PCO Car?
Being a PCO driver, you are still running a small business as an on-demand driver. This makes you responsible for all the expenses related to your PCO car, including the fuel cost, maintenance cost, taxes, and insurance cost. So, to have a sustainable earning, consider the following factors while planning out your PCO car driving plan:
1. Your PCO Car
The model and make of your PCO car directly impact your overall earnings. However, if you do not own the vehicle, note that a big chunk of your weekly expenditure will be spent on your PCO car’s subscription charges.
Therefore, for full-time PCO drivers, the best choice would be to invest in the PCO Rent 2 Buy pricing scheme, as it will give you complete ownership of your PCO car. The price ranges between £219 and £265 weekly, depending on your choice of car.
On the other hand, if you plan to be a part-time PCO driver, opt for the PCO car hire scheme as it will cost you approximately £149 to £204 depending on the type of your PCO car.
2. PCO Driver Service Fee
Each of the following rideshare apps has a different service charge:
- Uber: 25%
- Bolt: 10% – 20%
- Ola: 5% – 20% (Based on the performance of the PCO driver)
- Free Now (Kaptan): 15%
- Green Tomato Cars: 0%
Therefore, do consider the service fee before signing up for a rideshare app, as it directly impacts your overall income.
3. Maintenance Cost
Your PCO car will require servicing periodically. However, until and unless a major malfunction happens, you might not even notice the wear and tear. Therefore, we advise you to save a small portion of your weekly earnings to be utilised in general servicing and seasonal tyre changes. Remember that the maintenance cost might vary based on the drivetrain technology, power source (fuel or electric), and manufacturer.
4. Fuel Cost
Whether you are driving your own car or a PCO rental car, the most obvious expense is the fuel cost. It depends on where you drive your PCO car and the model of your vehicle, specifically the drivetrain. Electric vehicles can run 100 miles at the fuel expense of £2 – £10. Comparatively, traditional cars with single internal combustion can cost up to £13 – £16 per 100 miles. Whereas hybrid PCO cars consume approximately 20% to 35% less fuel than most diesel and petrol cars.
5. Congestion Charges
To maintain the peace of the busy streets of London and the air quality, the government has established congestion charges. If you wish to drive your PCO car in the busier streets of London, then you will have to pay £15 every day, which adds up to £2500 annually.
Being considered equal employees, PCO drivers will have to pay taxes on their earnings. The tax cost can vary depending upon your weekly/monthly earnings and will have to be paid directly to the HRMC.
7. Insurance Cost
As a PCO driver who owns their car, you will have to manage your PCO car’s PHV Insurance (Private Hire Vehicle Insurance). The insurance policy can cost you between £2000 and £4000, depending on the distance driven per year, the age of your car, and your driving history. Considering an average £3000 PHV policy, you will have to pay £55 to £60 every week.
Tips to Boost Earning as a PCO Driver
Here are some tips to boost your earnings as a PCO driver:
- Don’t miss out on promos.
- Switch to electric PCO cars.
- Work for multiple rideshare apps.
- Drive at the right places at the right time.
- Start early work late.
- Don’t waste time.
- Be knowledgeable about the area.
- Invest in customer service.
Rent PCO Car London!
Looking for PCO rental plans in London? G&M Direct Hire offers high-quality and reliable PCO cars and flexible PCO rental plans according to your budget and work needs. We have a no-hidden-charges policy, making renting a PCO car affordable. To rent a PCO car, contact us right away!