PCO Rent-to-Buy: The Smartest Way to Own a Top Quality Car
Owning a PCO-ready car is not possible for many PCO drivers. This is because these cars are expensive and involve insurance, licensing, and maintenance costs which could make buying a PCO-ready car outright seem impossible.
As a result, the majority of PCO drivers opt for rent-to-buy cars. Unlike traditional car rentals where you have to pay for weeks and months without any possibility of owning the car, the rent-to-buy model not only helps you get behind the wheel of a PCO-ready car but also gives you complete ownership of the car once your contract ends.
Reasons to Choose a PCO Rent-to-Buy Scheme
No Large Upfront Costs
Buying a top-quality vehicle typically requires £30,000 or more. Even if you choose a decent used vehicle, it will cost between £15,000 and £25,000. Now, not everyone has this much amount. And even if you can pay this much, it’s not wise to use all your savings on buying a car before making a single pound.
If you try to get a car through financing, you will have to pay at least 10-20% down payment. That’s about £3,000 to £6,000. Arranging even this much money is not possible for many drivers.
With rent to buy cars, you don’t have to pay these costs. You simply pay a manageable weekly fee that gradually leads you towards car ownership.
Path to Ownership
The length of a rent-to-buy contract is typically between 2-5 years. During this period, every payment you make leads you towards car ownership. Unlike PCO car hire UK schemes where you pay your hard-earned money without having anything to show for it, you get total ownership of the car once you complete the contract.
Imagine you pay £250 per week to rent a car. That’s £1,000 for a month and £12,000 for a year. Now, if the length of your rental contract is three years, that’s £36,000 out of your pocket without owning the car.
With a rent-to-buy scheme, you can own the car for the same amount of money. It’s like you are building an asset that you can later sell for profit.
Drive and Earn Immediately
Buying a car the traditional way is a lengthy procedure. It involves waiting for approvals, saving for deposits for months, and complex paperwork. This is something no PCO driver can afford because the more time you spend on procedures, the less money you will make.
With a rent-to-buy scheme, however, you can drive and earn immediately. These schemes involve no lengthy procedures. You just have to pick a car, agree with the contract terms, and you are good to go. With that said, you must have a PCO licence to be able to drive for a ride-hailing company like Uber or Bolt and collect passengers.
If you don’t have the licence, you won’t be able to get a car for PCO use.
Insurance Included
Finding insurance is another major headache for PCO drivers. This is because the majority of insurance plans involve sky-high premiums and hidden costs that can eat into your profits. And before you even find the perfect plan, you will have to compare numerous policies, juggle phone calls, and visit the offices of insurance companies.
This is the time you could be spending on the road and making money.
The rent-to-buy schemes make this possible because they involve insurance in the package. That’s right. You don’t have to find the right company or juggle countless phone calls to find the perfect plan. Everything is already included in your package.
Maintenance Included
Every PCO driver dreads repairs because they can pop out of nowhere and hit you with a massive bill. Imagine you are doing your shift and suddenly, your car breaks down in the middle of nowhere. Not only will you be responsible for taking your car to the mechanic’s shop, but the passengers will be frustrated as well.
With a rent-to-buy car, you don’t have to worry about maintenance. This is because in most cases, the maintenance is included in the package as well. Your car provider will be responsible for regular servicing, oil changes, etc. to minimise the possibility of breakdowns.
The cost of the maintenance will be included in your package. You just have to focus on driving and earning.
Access to Top-Quality Cars
As a PCO driver, the car you drive is your business. The better the car, the higher your earnings will be. That’s why one of the biggest benefits of rent-to-buy schemes is that they give you access to top-quality cars.
Passengers love travelling in clean, well-maintained cars. So, if you can provide them with what they want, your chances of receiving positive reviews will increase significantly.
Not only this, most rent-to-buy schemes offer hybrid or fully electric cars. These cars have lower fuel costs compared to petrol or diesel cars. In addition, EVs are exempt from ULEZ and congestion charges as well, putting more money in your pocket.
If you are serious about taking your profits to the next level, then the smartest move would be to get an EV through a rent-to-buy scheme.
No Credit Checks
One of the biggest hurdles in getting a car through car financing is credit checks. Even if you are the most responsible person in the world, the banks won’t approve your application if your credit score doesn’t meet their standards.
And let’s be honest: the majority of PCO drivers are people who have had financial difficulties in the past that didn’t allow them to build a credit score. Just because you had a rough patch and didn’t make a few payments doesn’t mean you should never be able to own a vehicle.
Many car providers understand this and offer rent-to-buy schemes that don’t involve credit checks. They just want you to meet basic requirements and you are good to go.
Final Thoughts
These were some top reasons for PCO drivers to choose rent-to-buy schemes over traditional car buying or car rental programmes. If you choose the rent-to-buy route, you will skip massive upfront costs, gradually move towards ownership, can drive and earn immediately, will have insurance and maintenance included in your package, and get access to top-quality cars without any credit checks. In short, it’s the smartest move you can make to kickstart your PCO career.
