Where can you find a medallion for that price. It's next to impossible to find one for under 140-150K as an individual buying just a single medallion.You could buy a medallion for about $$110,000, turn it over to a management company an collect $14,000 per year. You can probably get an owner to take back a note for half the sales price with a 5% loan. That’s a fantastic return on your investment.
so what? buy possible investments at way below the original asking price. Sounds like regular ol' investing to me. Things go through cycles. While Uber may never die at this rate, neither will Yellow cabs if you drivers are sad enough to keep fighting for them. You ALL keep taxis in business by fighting so hard to do so, making free work for the investors. All they gotta do is either keep it unused to eliminate competition or rent them out to make their money back and still keep the stranglehold on the market. Seems like economics 201 to me.Taxi medallions might be worth less than ever. But in some ways, there has never been more interest in the troubled asset. Late Wednesday afternoon a bidder, described by taxi insiders as a financial-industry player, snapped up 60 medallions at a Queens auction. The price came to $6.63 million,…www.crainsnewyork.com
Yes I probably am crazy or even wearing a tin foil, but come on...this is definitely a conspiracy. Look at all the basic facts and decide for yourself:
-approx 2014: medallion prices at all time high of $1.25 million
-end of 2014: Uber has fully taken over
-2015 till feb 2019: Uber had majority of the customer base because of low prices and yellow cabbies are suffering. In addition medallion prices drop drastically.
-present day: Uber drivers are suffering because of hiked prices and stiffer regulations by NYC and MTA. 60 medallions bought at auction for $110,000 a piece by mystery buyer.
If anything, the same investors who invested in Uber, pulled their money out, and started buying the same medallions they once owned at pennies on the dollar after selling them at a higher profit margin in 2014. Now that Uber is public, they cashed out their shares and have possibly multiplied their money by using the industry as a pawn. I’m probably crazy but there is way too many details to say this IS NOT a coincidence.
I really hope it doesn't pass. To become an employee effectively ruins why EVERYONE became an uber driver. What do people think will happen if we become employees? I genuinely want to know.No Conspiracy at all. Just Intelligent foresight as to what's coming down the pipe.
Once AB5 is passed in California, every other state will follow suit. Then UBER and LYFT and any other ridesharing companies will collapse because of its unsustainable business model.
Then taxis will be worth something again.
I'm no star wars expert, but in one of the movies there was a scene when the mothership was damaged and all of the droid army stopped working at the same time.
I can literally see UBER drivers in the same position when UBER decides to suddenly pull out without any warning.
Agreed. If I wanted to be an employee I'd get a regular driver job 9-5. Post office or something. We all became drivers for the freedom and flexibility.I really hope it doesn't pass. To become an employee effectively ruins why EVERYONE became an uber driver. What do people think will happen if we become employees? I genuinely want to know.