From one crisis to another—the COVID pandemic caused a major economic upheaval all around the world, and the UK is no exception. Major cities like London have been hit particularly hard by the economic consequences of the pandemic. Many small businesses collapsed due to the downturn in economic activity, increased competition, and reduced demand.
For many small businesses with close ties to the city, such as event management and transport companies, this has led to a sharp decline in profits and widespread anxiety about the future. London’s PCO car drivers also felt the brunt of it during the pandemic as fewer people were travelling to and from work, and businesses were forced to suspend non-essential activities. In this blog, we’ll look at some of the effects of the economic crisis on PCO car drivers in London and how they are coping with the rising cost of living.
Rising Costs of Living
The Consumer Price Index in London has skyrocketed since summer of 2021, and the inflation rates have increased by 5.4% since then. These sharp increases have forced people to reduce their spending and tighten their budgets to be able to cope with the growing cost of living. As salaries are not increasing fast enough to keep pace with the rising cost of living, many Londoners are forced to make difficult choices about how to allocate their limited funds to cover day-to-day expenses.
One way many people are trying to deal with the increased living costs is by finding a passive source of income. Many people are looking for opportunities to become PCO car drivers and earn some extra income to supplement their dwindling wages. However, not everyone can afford to buy a car and become a PCO driver due to the high cost of vehicle ownership and maintenance.
PCO Car Drivers
Many PCO car drivers are turning to PCO car hire companies to rent cars by the week or by the month to supplement their incomes and make ends meet in these challenging times. Some companies also offer flexible payment plans to make it easier for PCO drivers to pay for the rental of their cars over a period of time without having to pay the full amount upfront. In addition, some companies offer maintenance packages to drivers who rent their vehicles regularly, which can help reduce the cost of ownership considerably for drivers without garages to store their vehicles.
Fuel Prices
The rising costs of fuel have reached new heights in recent weeks. With 152.96p for petrol and 175.75p for diesel in London, PCO car drivers have been forced to find ways to stretch the mileage of their fuel tanks as far as possible so that they can save as much money as possible on the cost of running their vehicles. Not only that, but the Congestion Charge has also raised the cost of driving in the capital, with drivers having to pay an extra sum per day to drive into central London during peak hours.
This has led many PCO drivers to turn to PCO electric cars as a viable alternative as a way to save money on fuel costs and help the environment at the same time. An electric car runs entirely on electricity which is much cheaper than using fossil fuels to produce energy and, therefore, less harmful to the environment. The low battery charging costs and no congestion fees make it an ideal choice for PCO car drivers looking to decrease their operating costs without compromising on the quality of the service they provide to their clients.
Challenges That PCO Drivers Face
With increasing living costs, fares are also rising in UK cities. This worries many ridesharing companies and PCO car drivers because these fare increases can lose them a lot of customers and affect their profit margins. Many private vehicle drivers have reported that many customers have been turning away from PCO services because of the rising cost of using the rideshare services such as Uber and private hire cabs.
As a result, many PCO car drivers have been turning to UberLUX, Uber Green, and premium luxury rides as they can offer better income opportunities and higher rates than regular Uber or regular taxi services.
If you’re looking for a reliable PCO car for hire company in London, reach out to G&M Direct Hire. They offer a wide range of modern PCO electric cars for rent as well as fuel-powered cars. Contact them for more information on PCO cars in London!
