U can rent a cab for $300-500 7 days a week. Buying a medallion u got morgage unless u pay in full plus insurance/inpections and the most important cops/TLC tickets. Ur only place of work gonna be airports and Manhattan. I drove yellow for 10 year it's not a good investment or business to get into in the age of Uber. Yes there is gonna be work if u can constantly drive up and down the avenues looking for fares 10 plus hour's a day. The way I see it 85% percent of New Yorker knows how to use Uber and no one wanna pay meter fare these day's
I completely agree with what you’re saying however I do still think that platforms is a thing of the past now especially That the expenses exceeded the amount that you can produce on a monthly basis taking in consideration all those additional fees as well the amount of competition compared to buying a long-term investment. At the end of the day it’s all speculation in any type of market investing but I do believe that we could catch them at a few good pricing you cannot go wrong on investment
I completely agree with what you're saying however I do still think that platforms is a thing of the past now especially That the expenses exceeded the amount that you can produce on a monthly basis taking in consideration all those additional fees as well the amount of competition compared to buying a long-term investment. At the end of the day it's all speculation in any type of market investing but I do believe that we could catch them at a few good pricing you cannot go wrong on investment
I'd go for it if it's around 100k. If you pay that off and the car all you're paying in the long run is: insurance, mta, gas , and credit card fee. Best part is you can never get deactivated.
😀😀😀Who going to give loan for medallions this industry had become unstable can not make money even to survive forget about profit
Medallions are the worst investment you can make. If you got money lying around, you’ll make more plying around with forex, sports betting, stocks or just anything else
Medallions are the worst investment you can make. If you got money lying around, you'll make more plying around with forex, sports betting, stocks or just anything else
Go invest into the markets and see your results. Brother you remma me in 2 years wen uber will be non existence and taxi will once again rule nyc. The only thing that might save us all is if there TLC gives us the plates and allows us to turn it into an asset
QUOTE="Suism, post: 6395257, member: 103094"]
Medallions are the worst investment you can make. If you got money lying around, you'll make more plying around with forex, sports betting, stocks or just anything else
[/QUOTE]
Just look up NYC taxi medallions
. New York City[edit]
Further information: Taxicabs of New York City
The total value of all medallions and assets related to them had a value of $16.6 billion in New York City in 2013.[6]
In 1962, the market value of a medallion was around $25,000. The price rose steadily. In 2005, an individual medallion was around $325,000 while a corporate medallion was approximately $375,000.[9] Around 2010, the market value of a medallion was around $600,000. It peaked around 2013 at over $1,000,000. Between 2014 and 2015, New York City's non-corporate medallion price dropped 45%.[6] In 2015, the price had fallen to approximately $650,000.[10] As of 2018, one can now purchase a medallion for less than $200,000. On July 11, 2019 sixteen medallions were offered at auction, three of which sold for $137,000, $136,000 and $138,000, while another thirteen medallions had no bidders.
Well obv. But they aren’t under 100k to what I have rewear ah from different auction. Anyhow obvious 1 million and 200k is a huge dif. Anyone in their right states of might would also file bankruptcy. It be stupid to pay
so many people buying houses on Long Island lately at sky high prices. I got money saved up just waiting for real estate to crash so I can invest in property. Never once even thought of buying medallions.
Home prices in the city are going to go down the most since people are flocking to the suburbs. But even if prices drop in the city, it's still gonna be a high price
Buy low sell high. Buy when there's blood on the street. Be fearful when others are greedy be greedy when others are fearful. If and only if you plan to drive for 10 years the medallion is worth a shot. What would you have after 10 years doing apps? NYC will eventually come back.
It's over for taxis. It's been over for a while. Platforms or not going anywhere. The glory days of taxis are not returning at least in NYC. Who's going to pay the expensive meter rates?
A friend of mine works part time from noon till 7pm or 8pm and barely hits $70 to $90. And eventually when self driving vehicles are out the platforms will get rid of us drivers too. These $60K medallions are soon to be worth nothing.
The pandemic killed off whatever was left of the taxi industry.
It's over for taxis. It's been over for a while. Platforms or not going anywhere. The glory days of taxis are not returning at least in NYC. Who's going to pay the expensive meter rates? Sr
A friend of mine works part time from noon till 7pm or 8pm and barely hits $70 to $90. And eventually when self driving vehicles are out the platforms will get rid of us drivers too. These $60K medallions are soon to be worth nothing.
The pandemic killed off whatever was left of the taxi industry.
Lol you kidding? Once Tesla hits level 5 full autonomy things are gonna go really fast. Trucks are already self driving on highway routes. Tesla is already working on their rideshare business. Next thing you know are being picked up by self driving Teslas.
Medallions are the worst investment you can make. If you got money lying around, you'll make more plying around with forex, sports betting, stocks or just anything else
It would be worse than investing in horses. At least with horses you still have the horse. All a medallion is is a license to run a yellow cab, not even the yellow cab itself. Only when the price for the license is less expensive than the car to put it on will a medallion be worth it.
And what would you do with your horse in NYC? You still have to fed it? Is your backyard big enough for a horse? Now if you had a pony your kids would love you. Now if you have a medallion you can frame it. hang it on the wall and wait for things to improve. Lol
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