If you own a private hire business then it is quite possible that you will transport a number of high net worth clients around the locality and further afield Whether it be to take them and their families to a Michelin starred restaurant, a lavish wedding reception or to take them to the airport as they jet off on an exotic holiday of a lifetime.

Such clients will probably prefer to travel in some style that is what they may well do on a daily basis in their own executive vehicles. So, have you considered if your private hire vehicle is up to scratch or is it looking a little tired and in need of replacing.

Before making a decision as to whether you should change your private hire vehicle you will need to consider a number of factors. For instance, how much will it cost to upgrade such a vehicle for a new one and can your business afford the monthly finance repayments unless you are in the position of being able to pay cash for the vehicle. What are the running costs of the new vehicle and how do they compare with the cost of keeping your current private hire vehicle on the road.

You will probably need to consider if it will be beneficial in retaining your clients plus will it also potentially result in you taking on more clients who are recommended to you by word of mouth.

Is now a good time or not to take on a potentially large financial commitment? After all, inflation is rising and people have to spend more on meeting their daily living expenses such as paying higher utility bills and increased mortgage repayments. If your clients are having to do this then does that mean that they will be tightening their belts and not eating out so much or going on as many holidays thus impacting in a negative way in using your service.

Hopefully we have given you food for thought.