Want to start driving for Uber but don’t own a car? We know what you’re going through! There are actually a number of ways to get an Uber car. While many new PCO drivers struggle to decide whether they should buy or rent a PCO car, we will compare the pros and cons of different PCO car schemes, and help you choose the solution that suits you best.
Are you ready, let’s go!
Car Rental – A short-term and flexible choice best for beginners
PCO Car Hire Schemes
Here comes the ideal scheme for new PCO drivers, or those who prefer a short-term solution. The great thing about PCO Car Hire is that it’s flexible and provides new PCO drivers with the opportunity to gain experience on the job or can be a quick solution if your PCO car breaks down and you need to get back on the road asap.
Let’s say you are new to this industry and you just want to test the market and learn along the way without a long term commitment, you can often rent a PCO car quickly. That sounds good to you right?
Pros of PCO Car Hire Schemes:
- Shorter contract to experience the life of being a PCO driver
- You can often get into a PCO car quicker
- More flexible contract terms
- If your personal car is out of action, this is a great short-term solution to keep you earning on the road
Cons of PCO Car Hire Schemes:
- Not owning the car
- Can be more expensive
- More difficult to drive brand new PCO cars, especially fully-electric PCO cars
Car Ownership – Perfect for the pros who want to own a car
Rent 2 Buy Schemes
If you have certain experience in the private hire industry, and you also want to own a brand new car, look no further than Rent 2 Buy. Rent 2 Buy is a popular option for getting a PCO car, which allows PCO drivers to rent an Uber-ready car for a fixed period and take full ownership of the vehicle at the end of the agreement.
Obviously one of the best things about this scheme is that you could own a new PCO car with no credit check and just a small down payment. It is also a complete driver package that comes with PCO insurance, servicing, MOT, road tax, PHV licence and breakdown cover – you don’t have to take care of those time-consuming admin tasks anymore!
Pros of Rent 2 Buy Schemes:
- Be your own boss with car ownership. No more renting!
- More affordable in the long term than car rental
- All-inclusive, saving you time dealing with all the boring car admin like insurance and maintenance
Cons of Rent 2 Buy Schemes:
- Longer contract
- Lose stake in the PCO car if you drop out before the contract ends
Tips: You might get a cheaper used car from platforms like Auto Trader and Gumtree, but don’t forget about the potential risks involved!
Flexible Finance Schemes
Apart from Rent 2 Buy schemes, you may also own a car with flexible finance schemes like Otto Car’s Friendly Finance, which is becoming more popular among PCO drivers.
Unlike Rent 2 Buy, which is an all-inclusive contract, flexible finance schemes for PCO drivers offer a cheaper solution to PCO car ownership, without any of the additional features that you would get on Rent 2 Buy. Simply put, a PCO car company would provide you with the PCO car and that’s it, you’ll take care of the rest.
It’s perfect for PCO drivers who love to enjoy the flexibility of arranging their own servicing, insurance, PHV licensing or accident/warranty replacement car. It is often one of the cheapest options for drivers to own a new PCO vehicle too.
Pros of Flexible Finance Schemes:
- Cheaper weekly costs
- Flexible
- Get an Uber car on your own terms
- Balloon payment option
Cons of Flexible Finance Schemes:
- Insurance, servicing and licensing not included
- Less support when things get tough
- Potential large balloon payment at the end to own the car
Tips: Switch to electric for less by avoiding the ULEZ and Congestion Zone charges. Learn more about the top reasons for PCO drivers to switch to EVs here.
Verdict
To conclude, we don’t think there is an absolute answer to whether you should buy or rent a PCO car. It depends on your personal needs after all. Some like to take care of their own cars, while some prefer a short-term solution. But it’s for sure that by choosing the right scheme, you can take your driving career to the next level.
