NYC Taxi Medallion: From Status Symbol to "Shoulda Bought Bitcoin"
Remember those fancy yellow cabs that used to be the only way to get around NYC in style (well, unless you were fancy enough to hail a horse-drawn carriage)? They sported these shiny metal plates on their hoods called "taxi medallions," which were basically a license to print money... well, at least that's what it seemed like for a while.
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| What is The Estimated Value Of A Taxi Medallion In New York City |
The Glory Days: Bling Empire of the Backseat
Back in the day, these medallions were like gold bullion with wheels attached. In the 1970s, they could set you back a cool $25,000. Fast forward to 2013, and we're talking over $1 million a pop! That's enough to buy a fleet of those little rentable scooters (and maybe a private scooter track in your backyard... just sayin').
The Great Ride-Sharing Rumble: Uber Says "Hold My Beer"
Then came the ride-sharing apps, all like "Beep beep! Move over, slowpokes!" They swooped in with their fancy algorithms and surge pricing, and suddenly, hailing a cab felt, well, a little... last decade. The medallion market went into a tailspin faster than you could say "Lyft."
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So, How Much is a Taxi Medallion Worth Today?
Let's just say you could probably get one for the price of a slightly used luxury handbag (depending on the brand, of course). In 2018, you could snag one for a mere $200,000 (talk about a depreciation nightmare!). There have even been auctions where some medallions went begging for a buyer at any price!
Moral of the story: Don't invest your life savings in something as fickle as the New York City traffic flow.
Tip: Reread key phrases to strengthen memory.
FAQ: Taxi Medallion Edition ♀️
How to become a taxi driver in NYC? Great question! You'll still need a taxi medallion to operate a yellow cab, but with the current market, you might be better off getting a commercial driver's license and driving a rideshare instead.
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How much does it cost to get a taxi medallion? Let's just say it's a buyer's market. Do your research and be prepared to negotiate!
Tip: Don’t just scroll to the end — the middle counts too.
How are taxi medallions regulated? The NYC Taxi and Limousine Commission (TLC) keeps a watchful eye on these metal medallions.
How can I find out more about taxi medallions? The TLC website is a great resource (https://en.wikipedia.org/wiki/Taxi_medallion).
Tip: Look out for transitions like ‘however’ or ‘but’.
How to get a good deal on a taxi medallion? Maybe ask a time traveler for stock tips from the 1990s? Just kidding (or am I?). In all seriousness, proceed with caution and do your due diligence before investing in a medallion.
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