To become a London Taxi Driver you need to take into account the following expenses it might cost you in order to get you there. Firstly you will need to pay to have the relevant tests; the one that is advised that you have first is the Group 2 Medical. This is because should you fail this, you will not be able to drive as a Taxi driver, so you are best to get the all clear before you do any other preparation. This test will last around 30 minutes and can cost anything from £28 to £200, a huge difference in price so our advice would be to definitely shop around.
Another thing we recommend you do is buy resources that will help you to learn the “knowledge” of London. This can be purchased when you search for it online and will probably set you back about £15. But it is well worth getting so that you are prepared for the exam and there are some resources which include mock tests, so they are useful to get experience.
The Driving Standards Agency (DSA) practical test lasts for around 40 minutes and will cost £60. This is essential to you becoming a taxi driver as you will be required to produce the certificate (proving you have passed) to the council before they issue your tax driver licence.
To buy or to rent?
Most London Taxi drivers are self employed and therefore will need to either purchase or rent a vehicle. You will hear arguments for and against both options; some say that you are better off renting first and buying later just in case Taxi driving isn’t for you. But others will argue that paying rent every month in some cases will amount to the same cost of buying a new car. Really this decision is down to the individual and their personal choice; you just need to be aware that it’s going to cost you money.
You will also need to be aware of the costs in running the taxi, for example taxi insurance can vary dramatically. This is going to be dependent on the make and engine size of the car you will be driving, plus what council you are plated to as this can increase or decrease the insurance costs. The other thing to bare in mind is that you are likely to lose your no claims because insuring a taxi for private hire is not the same as insuring your personal vehicle. You must also take into consideration the fuel costs as these too will vary dependent on area and prices and the mileage you do.
So to summarise, yes there are expenses that cannot be ignored should you wish to pursue the career of a London Taxi Driver but then being a Taxi Driver will also have its perks and its benefits!
How much will it cost you to train?
It is worth noting that you will incur additional expenses when training to become a London taxi driver. Studying the knowledge can take a considerable amount of time and most people will invest in a scooter or moped to get around during this time.