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!

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

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