How Much Does a Taxi Medallion Cost?

How much does a taxi medallion cost in New York or other cities?

Liked this question? Tell your friends about it

Answers

In New York there are two types of taxi medallions - Corporate and Individual.  Corporate medallions can be leased without restriction, whereas Individual medallions must be driven a minimum number of shifts by the owner before being leased to others.  As of March, 2010, average prices for New York Corporate taxi medallions were $781,000 and average prices for New York Individual medallions were $589,000.  In Chicago a taxi medallion will cost about $185,000 and in Boston about $385,000.  There are currently some 13,237 taxi medallions outstanding in New York (cumulative for both types).  Taxi medallions can often be financed by debt, with the medallion put up as collateral.  A great resource to learn more about taxi medallions and their prices in New York, Chicago and Boston (or in general) is a website called FareInvestor.

Related Questions

Other people asked questions on similar topics, check out the answers they received:

Asked: Investing wisely with an investment club.

Investing wisely. "He who fails to invest fails to gain. He who who invests foolishly fails in all regards." There are lots of investments for the small investor, but the best investment you will ...

Asked: What are the suggestions for long term, safe and ...

What are the suggestions for long term, safe and higher investments?

Asked: How can a bank assist in business investment?

How can a bank assist in business investment?