For a while, I thought about leasing my own taxi. I had enough money to buy a second hand taxi and to pay some of the running costs. In other words, I had enough to make a start. So I sat down and worked out how much extra it was going to make me. In a good year, it would make me an extra $5,000 and in a bad year or if something went wrong with the taxi like the transmission or the engine I would probably be down $5,000. A great number of people think that taxis are too expensive and that taxi drivers and operators just print money. Let's look at how much a taxi makes and the running costs.
During an average 12 hour shift a driver will do approximately 13 jobs and the average price of the job will be $20. So a taxi makes approximately $260 a shift. Two shifts a day equals $520. Multiply by 365 days a year and you have approximately $190,000.
An operator has to split the revenue 50:50 with the driver so they make $95,000 per year from a cab. But now lets look at the yearly expenses a cab has.
Taxi Plate Lease - $25,000
Base (Taxi Company) fees - $20,500
Taxi registration and CPI - $10,000
Car Insurance - $7,500
Fuel - $17,500
Workers Compensation Insurance - $3,000
Maintenance costs - $5,000
Total running costs - $88,500
Profit: $95,000 - $88,500 = $6,500
In a perfect world you make $6,500 a year from a cab if you are an operator. But this assumes you have a driver for every shift, nothing majorly goes wrong with your cab and that business is average. If business is bad, you could lose money.
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