Saturday, October 22, 2011

Want to drive a cab in New York? That will be $1,000,000 please!


Two New York City taxi medallions sold this week for $1,000,000!

Of all the investments one could have made the past 30 years, buying a NYC taxi medallion would have been one of the best.

While the stock market has risen in that period 1,100% the value of a NYC taxi medallion has risen 1,900%! (source)


The corporate medallion allows the owner to lease their cab out 24-hours a day while an individual medallion must sometimes be driven by the owner. Because of this, the value of the corporate medallion will be higher.

The life of a NYC cab driver includes long hours, is greatly impacted by a bad economy, involves the risk of being the victim of crime and the take-home pay for the driver is impacted greatly by gas prices.

But, for the owner of the taxi medallion, life has been good!

Subscribe to The Political Commentator below (for free of course) and join the author on social media!

Enter your email address:

Delivered by FeedBurner


Subscribe in a reader






Follow Michael on Twitter

Friend Michael on Facebook

Connect with Michael on LinkedIn

2 comments :

  1. Crony capitalism in the land of Feudal Lord Bloomberg. Isnt in grand? /sarcasm

    ReplyDelete
  2. Yeah that's definitely one of the finest ideas to buy a NYC Cab. Thanks for posting...

    ReplyDelete

;