Should You Switch From PCO Car Hire to Rent to Buy?
PCO Car Hire and Rent to Buy are the two most common plans for PCO Drivers in London. Each one has its own benefits and perks. Many PCO drivers start their career with PCO Car hire because it’s low-risk and more flexible than the rent-to-buy option. However, the right choice depends on your long-term goal, financial situation, and how committed you are to working as a PCO driver in London.
If you are a seasoned driver and want to have your own PCO-ready car, then rent-to-buy is an excellent option. It allows you to own the car after completing the contract period, which is usually 3-5 years.
In this article, we will compare both options so you can decide what’s better for you.
Kia eNiro
£125/week
Kia Niro 2
£260/week
Mercedes Benz EQE
£325/week
Mercedes E300 2025
£375/week
Mercedes-Benz E300e
£320/week
Toyota Prius
£200/week
Article Highlights
Learn about the factors to consider before switching from PCO hire to rent-to-buy, including:
- Value depreciation
- Commitment level
- Contract flexibility
What PCO Car Hire Offers
PCO car hire is an affordable way to drive and earn as a PCO driver. It allows you to get a PCO-ready car for a weekly fee that covers insurance, maintenance, MOTs, roadside assistance, and vehicle licensing. A PCO car hire plan is usually short-term, gives you the flexibility to swap cars, and has low weekly hire fees.
What PCO Rent-to-Buy Offers
Rent-to-buy offers a path to car ownership. You pay a higher weekly fee, but get car ownership after completing your contract period. The company handles insurance, servicing, MOTs, and licensing in the rent-to-buy plan as well, but only for the contract duration. There are no weekly fees after contract completion. You can also pay off the remaining balance to own the car sooner.
More Details: A Comparison Between PCO Car Hire and Rent to Buy
Things to Know Before Switching to Rent-to-Buy
Long-Term Commitment
Rent to buy is a long-term financial commitment. If you are a full-time PCO driver and committed to this job for the next 3 to 5 years, then rent-to-buy is more suited to you. Every weekly payment will take you one step closer to car ownership.
If you are driving part-time or aren’t committed long-term to this job, then PCO hire is a better option with low weekly payments.
Flexibility
Rent-to-buy plans are not as flexible as PCO car hire plans. Once you sign the contract, you are locked to the same car for the duration of the contract. Some car providers allow you to swap cars, but it’s not as simple as in PCO hire agreements.
PCO hire contracts are usually 3 to 12 months long. The short-term contract allows you to switch your car depending on the demand, or return it if your situation changes, like if you get sick, need to care for a family member, or find another job that doesn’t involve driving.
Value Depreciation
PCO cars can lose value over time due to high mileage. Hiring a vehicle keeps you safe from vehicle depreciation because the rental company manages it.
When you switch to a rent-to-buy plan, the car’s depreciating value directly affects you. Suppose that a car costs £20,000 at the time of signing your rent-to-buy contract. After completing the 3-5 year contract period, the car will have driven thousands of miles and a lower resale value. However, if you are committed long-term to private hire driving, it can deliver a much better return on investment than a hired car with no more weekly fees.
Own a PCO car without any stress with Fleeto. Our well-maintained vehicles hold their value for a long time, so you can relax knowing that your investment is safe. With us, you don’t just drive a PCO car. You get a vehicle that depreciates less and helps you earn more.
Who Should Choose PCO Car Hire?
Part-time drivers or those not committed to PCO driving for long-term should choose PCO car hire. It has low weekly fee, flexible contracts, and ability to swap cars depending on demand.
Who Should Choose PCO Rent-to-buy?
Full-time drivers who want to own a car and have a stable source of income should opt for it. If you can comfortably pay the higher weekly fee and deal with low-demand periods without missing your payments, then rent-to-buy is a better option.
Read Also: A Comparison Between PCO Car Hire and Rent to Buy
Start Earning Today.
Final Thoughts
The final decision depends on your goals and budget. Hiring a car means more flexibility and low financial risk, but you have to pay weekly payments for as long as you use the car without getting car ownership.
Rent-to-buy is a way to invest money. It helps you build an asset but requires a stable source of income. So, consider your bills and daily expenses. If you have children, consider childcare and other family costs before making the switch so your budget stays manageable.
In the end, no option is better or worse than the other. The best choice is the one that helps you thrive, not just get through the week. Choose wisely.
Frequently Asked Questions
Who should hire a PCO car?
If you are just starting, are a part-time PCO driver, or want the flexibility to switch cars, then PCO hire is a suitable option for you.
Who should get a PCO car on rent to buy plan?
If you are a full-time driver, committed to the private hire industry for the long term , or want to own a PCO car, then rent to buy is a better option.
Does PCO rent to buy include insurance?
Yes, most PCO hire companies include insurance in their rent to buy plans. However, managing insurance becomes your responsibility after ownership is transferred to you at the end of the contract.
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