London cabs are a common sight on the city’s roads, but have you ever wondered who owns these iconic vehicles? Do London cab drivers own their cabs? The answer is yes and no.
Black Cabs
London’s famous black cabs, also known as hackney carriages, are owned by the drivers who operate them. However, owning a black cab is not a cheap investment.
According to the Licensed Taxi Drivers Association (LTDA), purchasing a new black cab can cost up to £55,000. This high price tag means that many drivers choose to lease their vehicles instead of buying them outright.
Leasing a Black Cab
Leasing a black cab allows drivers to use the vehicle without having to pay the full purchase price upfront. Instead, they make monthly payments towards the cost of the vehicle.
Leasing agreements typically last for three to five years. At the end of the lease period, drivers can either return the vehicle or purchase it outright.
Benefits of Leasing
Leasing a black cab has several benefits for drivers. Firstly, it allows them to use a new vehicle without having to pay a large sum of money upfront.
Secondly, leasing agreements often include maintenance and repair costs, which can save drivers money in the long run. Finally, leasing allows drivers to upgrade their vehicles regularly without having to worry about selling their old one first.
Private Hire Vehicles
Unlike black cabs, private hire vehicles (PHVs) are not owned by their drivers. Instead, they are owned by private hire companies such as Uber or Addison Lee.
Becoming a PHV Driver
To become a PHV driver in London, you must have either a private hire operator’s license or work for a licensed private hire operator. Once you have obtained your license or secured employment, you can start driving a PHV.
Using a PHV for Work
PHV drivers use their vehicles to transport passengers who have pre-booked their journey. Unlike black cabs, PHVs are not allowed to pick up passengers who hail them on the street. Instead, they must be booked in advance through a private hire operator.
Conclusion
In conclusion, the answer to the question “Do London cab drivers own their cabs?” is not straightforward.
Black cab drivers can own their vehicles, but many choose to lease them instead. Private hire vehicles, on the other hand, are owned by private hire companies and not their drivers. Regardless of how they acquire their vehicles, both black cab and PHV drivers play an essential role in London’s transport network.
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