New York taxi license hits record price: $600,000

Buick61 · 05-31-2007, 12:29 AM

NEW YORK (Reuters) - The price of a license to operate a New York taxi cab hit a record $600,000 in May, according to a lending company which financed the purchase.

Medallion Financial Corporation said it had financed the purchase of two medallions -- the license to operate a yellow cab in New York -- for a total of $1.2 million by a large corporate fleet operator.

"Prices of corporate medallions have increased from $195,000 in 2001 to the record $600,000 this week," Andrew Murstein, president of the lending company, said in a statement on Tuesday. It said the previous record was about $550,000.

http://news.yahoo.com/s/nm/20070530/us_nm/usa_taxis_dc

Neanderthal · 05-31-2007, 02:00 AM

Hey, I can hardly wait to get in line!

BrickTamland · 05-31-2007, 11:33 PM

Umm...what? Every cab company in New York City has to pay a ridiculous amount of money to...just wow. $600,000 would buy 20 Escape hybrid taxis.

I-Love-Pontiac · 05-31-2007, 11:45 PM

Seriously. The hybrids seem like nothing in contrast. No wonder they mentioned RX400s.

Buick61 · 06-01-2007, 07:25 AM

Quote:

Originally Posted by I-Love-Pontiac

Seriously. The hybrids seem like nothing in contrast. No wonder they mentioned RX400s.

I didn't think of that. But then again, if you just spent several hundred thousand on a license, you'd probably want to trim other costs.

Neanderthal · 06-01-2007, 11:26 AM

And you have to be a certified non-English speaker to get a job driving a NYC cab. Life is tough.

marejad · 05-04-2009, 11:55 PM

Quote:

Originally Posted by Buick61

NEW YORK (Reuters) - The price of a license to operate a New York taxi cab hit a record $600,000 in May, according to a lending company which financed the purchase. No wonder the raised the price to and from LaGuardia Airport and JFK Airport.

Medallion Financial Corporation said it had financed the purchase of two medallions -- the license to operate a yellow cab in New York -- for a total of $1.2 million by a large corporate fleet operator.

"Prices of corporate medallions have increased from $195,000 in 2001 to the record $600,000 this week," Andrew Murstein, president of the lending company, said in a statement on Tuesday. It said the previous record was about $550,000.

http://news.yahoo.com/s/nm/20070530/us_nm/usa_taxis_dc

This is amazing, isn't it!!!!!
Who could afford this?

bradyholt · 05-05-2009, 07:51 AM

I imagine they raised their prices (which apparently were already at $550k) when there continued to be more demand for licenses than space for cabs on NYC streets. The taxi companies clearly know they can make back this money.

TuffG929 · 05-05-2009, 07:57 AM

Provided they don't expire, i don't think the cost is too much. It wouldn't be too hard to finance one of these. Unlike a house, it would probably appriciate in value. But it sounds like most of them are held by large companies anyway.

marejad · 06-01-2009, 11:11 AM

Ya, you are probably right, Tuffg929
A heck of a lot easier to finance than a house!
Cheers!

hrcslam · 06-01-2009, 12:48 PM

How much are cabs there? $5/mile? If Georgia is at $1.25-1.45/ mile I'd expect that to look like chump chage in NY. Rediculous. Another reason I'd never live in NYC.

05-31-2007, 12:29 AM	#1 (permalink)
Buick61 Firebird Concept (the turbine one) Join Date: Dec 2003 Drives: 07 SRX, 96 Fleetwood, 61 LeSabre, 58 Belvedere Posts: 11,789	New York taxi license hits record price: $600,000 NEW YORK (Reuters) - The price of a license to operate a New York taxi cab hit a record $600,000 in May, according to a lending company which financed the purchase. Medallion Financial Corporation said it had financed the purchase of two medallions -- the license to operate a yellow cab in New York -- for a total of $1.2 million by a large corporate fleet operator. "Prices of corporate medallions have increased from $195,000 in 2001 to the record $600,000 this week," Andrew Murstein, president of the lending company, said in a statement on Tuesday. It said the previous record was about $550,000. http://news.yahoo.com/s/nm/20070530/us_nm/usa_taxis_dc

05-31-2007, 02:00 AM	#2 (permalink)
Neanderthal Chevrolet VOLT Join Date: Nov 2004 Location: Caveville, Neanderthallande: Have Club, Will Travalle. Drives: '07 Grand Prix GXP; '07 Spectra EX; '01 PT LE. Posts: 10,982	Re: New York taxi license hits record price: $600,000 Hey, I can hardly wait to get in line! __________________ formerly LAMRONH "I never heard a truly wise person call themself wise."--Rush caller, 03JUN09 "I disagree with what you say, but I will defend to the death your right to say it." --Evelyn Beatrice Hall, writing in "The Friends of Voltaire" (1906) “With integrity, nothing else counts. Without integrity, nothing else counts.” --US Sen. Alan Simpson. "Divide and rule, a sound motto. Unite and lead, a better one." --Johann Wolfgang von Goethe

05-31-2007, 11:33 PM	#3 (permalink)
BrickTamland 6.2 Liter LS9 Supercharged V8 Join Date: Jun 2005 Location: Waterville, OH Drives: 2007 Mazda 3 s Posts: 6,324	Re: New York taxi license hits record price: $600,000 Umm...what? Every cab company in New York City has to pay a ridiculous amount of money to...just wow. $600,000 would buy 20 Escape hybrid taxis. __________________ I reject your reality and substitute my own. Current: Galaxy Gray 2007 Mazda 3 s Grand Touring Former: Super Black 2003 Nissan Maxima SE Brilliant Blue Metallic 1995 Ford Explorer XLT 4WD

05-31-2007, 11:45 PM	#4 (permalink)
I-Love-Pontiac 4.4 Liter Supercharged Northstar Join Date: Apr 2006 Location: NY Posts: 2,732	Re: New York taxi license hits record price: $600,000 Seriously. The hybrids seem like nothing in contrast. No wonder they mentioned RX400s. __________________

06-01-2007, 11:26 AM	#6 (permalink)
Neanderthal Chevrolet VOLT Join Date: Nov 2004 Location: Caveville, Neanderthallande: Have Club, Will Travalle. Drives: '07 Grand Prix GXP; '07 Spectra EX; '01 PT LE. Posts: 10,982	Re: New York taxi license hits record price: $600,000 And you have to be a certified non-English speaker to get a job driving a NYC cab. Life is tough. __________________ formerly LAMRONH "I never heard a truly wise person call themself wise."--Rush caller, 03JUN09 "I disagree with what you say, but I will defend to the death your right to say it." --Evelyn Beatrice Hall, writing in "The Friends of Voltaire" (1906) “With integrity, nothing else counts. Without integrity, nothing else counts.” --US Sen. Alan Simpson. "Divide and rule, a sound motto. Unite and lead, a better one." --Johann Wolfgang von Goethe

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05-05-2009, 07:51 AM	#8 (permalink)
bradyholt 3.0 Liter SIDI V6 Join Date: Jan 2009 Location: College Park, MD Drives: 2001 Ford Focus ZX3 Posts: 620	Re: New York taxi license hits record price: $600,000 I imagine they raised their prices (which apparently were already at $550k) when there continued to be more demand for licenses than space for cabs on NYC streets. The taxi companies clearly know they can make back this money. __________________ This week's car review: Comparison: Minivans vs. Crossovers

05-05-2009, 07:57 AM	#9 (permalink)
TuffG929 6.2 Liter LS3 V8 Join Date: Oct 2005 Location: New York Drives: 2000 BMW 328i 2001 Chevy Suburban Posts: 3,526	Re: New York taxi license hits record price: $600,000 Provided they don't expire, i don't think the cost is too much. It wouldn't be too hard to finance one of these. Unlike a house, it would probably appriciate in value. But it sounds like most of them are held by large companies anyway. Last edited by TuffG929 : 05-05-2009 at 08:02 AM.

06-01-2009, 11:11 AM	#10 (permalink)
marejad Walking Join Date: May 2009 Posts: 2	Re: New York taxi license hits record price: $600,000 Ya, you are probably right, Tuffg929 A heck of a lot easier to finance than a house! Cheers! __________________ Maxwell Marejad Lovin Life in the New York Limo and New York Hotels

06-01-2009, 12:48 PM	#11 (permalink)
hrcslam 5.3 Liter Vortec V8 Join Date: May 2007 Location: Colorado Sprins, CO Drives: 2001 Chevy Suburban Rollin on 22's Posts: 1,379	Re: New York taxi license hits record price: $600,000 How much are cabs there? $5/mile? If Georgia is at $1.25-1.45/ mile I'd expect that to look like chump chage in NY. Rediculous. Another reason I'd never live in NYC. __________________ "That's the new GM, may it long live" -Washington Times. Only an American Car can have 500+hp, go from 0-60 in under 4 secs., top out at almost 200mph, and still get 24 mpg (2008 standards). Volt=Electric Car (it is a series hybrid.............sometimes) An Electric Car Always. If you got a chance check out http://www.cardomain.com/ride/2597944 and rate my ride plz. 2001 Chevy Suburban (The one in the Avatar) 2006 Saturn Ion (wifes car)

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