Most things in the UK have gone up in price not least of which the purchase price of a new London taxi – a black cab. So, how much will such a vehicle set you back?

Well, depending upon the specification, you are unlikely to see much change out of £70,000 plus. By the time you include the finance you could be talking in the region of £100,000 or more.

So, if you are considering setting up a London taxi service, you will need to do your due diligence and work out if it is going to be financially viable to start up such a business. Do bear in mind that a new black cab is probably going to be more efficient than if you bought a 3 or 4 year old used London taxi.

A new vehicle is possibly going to appeal to more fare paying passengers but, let’s be honest, when a passenger hails a London taxi he or she probably doesn’t pay too much attention to what the taxi looks like from the outside. However, once inside the vehicle, your fare-paying passenger may peruse the interior of your vehicle. So, a new London taxi may attract more passengers.

However, if you cannot afford to buy a brand new London taxi then there is always the option of purchasing a second-hand black cab. As with most used vehicles, there are numerous factors that affect how much you will have to pay for one. For instance, the age of the vehicle, how many miles are on the clock, does it have a full service history, what is the state of the bodywork like and when was the taxi serviced?

Making a decision about whether to buy a new black cab or to purchase a used London taxi is a difficult choice. If money was no object then there is a lot to be said to buy a new one. However, if like a lot of people, you are on a tight budget then you may prefer to buy a 1 or 2 year old London taxi. The choice is yours.