Ten years have passed since the birth of private-hire services in Singapore back in 2013. Times have changed, and private-hire drivers are facing new challenges.
In the early days, drivers could earn big bucks, sometimes even five figures a month, thanks to high demand, surging fares, and attractive incentives. However, the landscape has shifted. Today, drivers are taking home less money due to reduced demand during the pandemic. Plus, running a private-hire business is getting more expensive.
We’ve got you covered, though. We spoke with active drivers to get their tips on how to boost your earnings as a private-hire driver in 2023.
Relief driver
You can only drive for a limited amount of time before exhaustion sets in. Instead of leaving your car unused in the parking lot, actively seek out relief drivers who can assist you in covering a portion of your rental expenses.
A daily relief fee of $40 to $50 can significantly offset a significant chunk of your daily rental costs. You’ll be amazed to discover that many individuals are actively searching for opportunities to become relief drivers and earn additional income.
Delivery Jobs
With the reduced demand for point-to-point car service during off-peak hours, many drivers have taken up delivery jobs to supplement their income. The demand for delivery services has increased as more people are working from home and choosing to make online purchases over purchasing at the retail store. Taking up some delivery jobs during the lull period is more efficient than sitting and waiting for the next job.
Reduce your petrol cost
The primary expense that drives up costs in the private-hire car business is petrol. The price of petrol has reached new heights.
Cut down on your petrol expenses, opt for a lower-grade fuel, unless your car specifically requires premium 98 or V-Power. The savings per tank will surpass any perceived benefits of using higher-grade fuel. And if your car can only run on premium 98 or V-Power, it is time to replace that car.
Surprisingly, some drivers still pay for petrol with cash, despite better options available. Avoid wasting your money and use a credit card instead. Some credit cards offer rebates, while cash provides no additional benefits. Every cent counts.
Switch to a more efficient car
Considering the escalating petrol prices now could be the right time to reassess and upgrade your vehicle if you plan to continue in this business.
Electric and hybrid car rental costs may be higher but will offer significant savings in petrol costs if you clock enough mileage.
Older rental cars are typically more affordable than newer hybrid models, but they often come with increased fuel costs and a higher risk of breakdowns due to their age. In this line of work, your car’s downtime means your own downtime
Save on your car insurance
Private-hire car drivers need to get commercial car insurance for their cars to provide private-hire car services. Insurance is a major cost for those using their vehicles. Drivers can save more when they compare among the various insurance companies.
Click on the link above to get a non-obligatory quote for your car insurance.
Private-hire car drivers are all their bosses, they do not take any salary and are responsible to themselves for how much profit they make.
If you cannot increase your revenue, cut your cost. Either way, it increases your profitability.
