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

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

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    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

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

    Hey, I can hardly wait to get in line!
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    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.
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    Re: New York taxi license hits record price: $600,000

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

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

    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.

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

    Quote Originally Posted by Buick61 View Post
    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?

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    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.

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    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.

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    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!

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    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.
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