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BALANCING THE COSTS: How much do cabbies pay to rent a licensed black cab in London?

Updated: Jan 29

Image credit: DALL.E (AI generated)

London's iconic black cab drivers are facing mounting financial pressure due to escalating vehicle costs for licensed taxis. In a market known for its stringent regulations and limited model options, the LEVC TX stands as the sole purpose-built black cab available for new purchase.

With that in mind, many cabbies are looking to the rental market to find a taxi to ply their trade. But how much do they cost?

The weekly rental prices vary depending on the model of the taxi. For instance, drivers opting for the older EU5 diesel Mercedes-Benz Vito can expect to pay between £240 to £250. The EU6 LTC TX4, another popular choice, comes with a weekly rental cost of about £270 to £280.

For the Nissan Dynamo, newer to the scene and fully electric, rental firms are likely to demand a rental fee ranging from £290 to £300 per week. The most substantial rental cost, however, is for the newer LEVC TX, which can range from £350 to a staggering £380 per week.

The recent surge in rental prices over the last few years is attributed to a combination of factors, including rising insurance and maintenance costs. These expenses have steadily increased, placing additional financial burdens on taxi operators. Additionally, the cost of buying new LEVC TX vehicles into fleets has reached record high levels, further driving up the rental prices.

For London's taxi drivers, these rising costs represent a significant challenge. The rental fees, combined with other operating costs, are squeezing profit margins, making it increasingly risky for many drivers, and fleet owners, to sustain their livelihoods.


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