Let’s talk numbers that’ll make you wince. A cabbie might take home £800 to £1,200 a week in fares. Sounds great! But hold your horses. That’s gross. They have to pay for the cab itself – a brand new black cab can cost £70,000. Yes, you read that right. Seventy grand. That’s more than a flat in some cities.
Then there’s the fuel. London traffic isn’t a gentle stroll; it’s a war of attrition. A cabbie can easily spend £150 a week on diesel or petrol. And insurance? Don’t get me started. it can be £3,000 to £5,000 a year just to drive legally. That’s the price of peace of mind in a city that loves a pothole.
The Hidden Costs (The “Taxi Tax”)
Don’t forget the licensing. The Transport for London (TfL) badge is a golden ticket, but it comes with fees. You pay for the knowledge test, the medical, the background check. It’s like a subscription to your own livelihood. Then there’s the card processing fee. Every tap of your phone? That’s 2-3% gone. Devil in the details, huh?
And depreciation! A taxi that’s done 150,000 miles in central London? It’s not a classic car. It’s a workhorse with a bad back. Selling it later is a struggle. So that £70,000 investment? You might get half back after five years. Ouch.
‘COCKNEY REG’ AND THE £8,000 TAXI FARE: Yes Theory teams up with London
