London taxi drivers turning to second-hand market amid high costs of new cabs

London’s black cab fleet has seen a small boost in new vehicles, with 52 taxis added in August. However, the fleet’s overall size continues to shrink, now sitting at just over 14,600—its lowest number since the pandemic.

An expert fleet owner attributes the slow uptick in new taxis to a surge in demand for second-hand LEVC TX models. With diesel cabs nearing the end of their lifespan, many drivers are opting for a used TX instead of a new model to keep costs down.

The primary driver for this shift is the high price of new taxis, which has become increasingly prohibitive for many. As a result, second-hand electric models offer a more affordable alternative, allowing drivers to upgrade without taking on larger financial burdens.

While the growing used market helps to sustain fleet numbers, the overall decline in new taxi purchases reflects a broader concern within the trade about the rising costs of operating in the capital.

A London taxi fleet owner said in TAXI Newspaper: “August sales were a slight improvement on the poor sales figures seen this year, with 52 new cabs joining the ranks, a similar figure to last August. Unfortunately, it did little to halt the decline in the size of the fleet down to just over 14,600, the lowest it has been since the pandemic.

“The only reason the numbers haven't fallen any lower is because of a growing second-hand market for TXEs. Many mushers with an old diesel coming to end of life are now choosing a used TXE over a new one, in order to keep the finance figures as low as possible.“