WHAT’S THE BENEFIT? Tom Hutley takes viewers through the journey to outright black taxi vehicle ownership
Tom Hutley, a London taxi driver and YouTuber, offered a unique inside look into the challenges and rewards of owning a licensed taxi in one of the world’s most regulated transport industries.
Hutley recently achieved a major milestone: paying off his £70,000 electric taxi after five years of high monthly payments. However, his story highlights the broader complexities of cab ownership and the evolving landscape of London’s taxi trade.
Hutley began his career by renting a TX4 diesel cab from a rental fleet in North London. He explains that renting allowed him to test the profession without the financial burden of ownership. At £240 per week, this route included maintenance and repairs handled by the fleet, making it a practical entry point for many drivers. However, it’s often argued that renting isn’t a long-term solution for those seeking maximum earnings.
Now debt-free, Hutley reflects on the financial realities of owning a taxi. Although he saves over £13,000 annually by no longer making monthly payments, he acknowledges the need to carefully manage this surplus to prepare for future expenses.
London taxis have a maximum working lifespan of 15 years, after which they must be replaced. Hutley estimates that his current taxi will need to be retired by the time he turns 43, at which point he’ll face the decision of whether to re-enter a finance agreement for a new model.
During the video, the popular YouTube cabbie also runs through the challenges of owning a cab during the Covid pandemic and reveals further insight when it comes to owning.
As a YouTuber, Hutley uses his platform to share insights into the profession, addressing common questions from aspiring taxi drivers and the travelling public.
For Hutley, the freedom and potential earnings of taxi ownership outweigh the risks and responsibilities. However, he emphasises that each driver’s circumstances differ. Whether renting or buying, the decision requires careful consideration of personal finances and long-term goals.
