How much can you earn as a PCO driver in London?
Ever since London was introduced to Uber in 2012, PCO driving has only become more popular, paving the way for apps such as Bolt, Ola, Free Now and others to provide PCO drivers with the means of making good money and the opportunity for them to work for themselves.
According to the TFL website there were 101,535 private hire driver licences issued from the years 22/23, with 330 new licences issued from the May 19th 2024 alone. From these numbers it is evident that becoming a PCO driver in London is getting increasingly popular year on year, but how much can you actually earn?
London PCO driver earnings
When it comes to PCO driving and Private Hire earnings, there is no fixed salary. This is because PCO drivers do not have a contract, nor do they know how much they will earn on a day-to-day basis as the need for cab services can be variable by its very nature. That being said, across the board, the reported salaries for private hire drivers can be reasonably generous.
According to Reed.co.uk, the average driver’s salary in London is £45,378. For each and every driver this will differ, but as an average you can expect anywhere around this sum if you are driving every day. You will have to take into account the experience you give to your passengers. This can include the comfort of the car, the way you drive, and how you conduct yourself.
It is worth mentioning that PCO drivers do aim to earn as much extra as possible (tips); the section below provides some insight into some specific factors which may affect your earnings.
Things to consider for PCO drivers
Straight off the bat, PCO drivers need a car that meets the TFL requirements and the willingness to ‘on the clock’ across the whole week, especially with the peak times being at weekends. Whether you are full time or part time, here are two key aspects to consider when driving.
Your driving schedule:
Whether you are working as a private hire vehicle minicab driver or chauffer, the earnings are based on how much time you are willing to put into your driving. Whilst the earnings are good on both sides (Flexible and Full time) you will see it is more lucrative to go the extra miles.
It is important to target peak hours to get the most out of your driving. According to uber, the best times for weekday driving are 5am – 9am in the morning peak, and then 4:00pm – 8:00pm in the evening peak.
At weekends, the peak times for Friday and Saturday is 10pm-1am; Sundays’ peak times are 9am – 1pm in the morning and 9pm – 1am in the evening.
The car you use:
To create a pleasant experience for your passengers and to increase the chances of both positive reviews and tips, there are a few things to consider when it comes to your car. For a useful guide, check out our blog article concerning the top 5 things to look for when hiring a PCO vehicle.
Your car is your equipment when it comes to PCO driving in London, so you want to make sure that it suits your needs and also meets the requirements. As of January 1st 2023, TFL has rolled out requirements that all PCO drivers in London must meet. These include PHVs being zero emission capable and meeting the Euro 6 emissions standard. Vehicles used must also not be any older than ten years. An overview of the emission standards and requirements can be viewed here.
If you don’t own a car that meets these requirements it can be very expensive to acquire a vehicle, especially if you do not have funds at hand. As a result, the next best thing Is to hire a PCO vehicle from a respectable private rental company.
Here at Rapid PCO we understand the importance of efficiency and affordability. Thats why we offer a range of economical and desirable PCO cars, with a range of inclusive extras. Whether you are a seasoned professional or just starting out, you can drive with confidence knowing that you have a trusted PCO partner by your side.
Weather Changes
As England is known for its unpredictable weather, it would be worth keeping an eye out for any changes so you can capitalise on the city goers who don’t fancy getting wet. This is also considered a peak time; however, we know you can’t predict the future, so it is worth checking a weather app from time to time.
How you conduct yourself
Tips are earnt: if a passenger has a pleasant experience, they will be more likely to tip. You might think this requires a lot of effort, but it can be as simple as engaging in conversation if they ask you a question or waiting for the journey to be finished before answering a personal call.
PCO driver costs
It’s easy to add up the costs in your mind but there’s also unfortunately some sneaky costs that add up -some more obvious than others.
We have compiled a list of the ones you should keep an eye on and factor into your earnings.
Rideshare commission rates
Uber: 25%
Bolt: 15-20%
Ola: 15-20%
Free Now: 18% on the fare amount (+ any tips)
Fuel costs
When driving in London, it is more likely that you’ll be making shorter journeys, and the constant stopping and starting can use more fuel. As a result, this will be the biggest factor drivers’ overall earnings. EVs are a good way to eliminate costs and they also help towards making London greener.
Congestion Charges
To drive in London between the peak hours, you will need to pay £15 daily. It can be easy to forget about this, but it does quickly add up.
Tax Amounts
As PCO drivers are self-employed, they would need to file their taxes themselves. As a PCO, your earnings are based on the hours you work, which can differ from day to day. Your Tax amounts will be varied based on your weekly or monthly income.
Ready to turn miles into money?
Rapid PCO are a reliable partner to thousands of private hire drivers who entrust us with their PCO car rental needs. Take a look at our impressive fleet today, we might just have the car you have been searching for!
