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NYC TLC Medallion Is Becoming The Worst Business In New York

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THEME:   NYC, NYC Taxi

By SisiBroad | April 7, 2016 7:32 pm

There were no medallions sales in January or February, 2016. It is kind of record by itself.  There were 2 (two) – not to make a mistake – in March 2016. According to Taxi and Limousine Commotion of NYC one for $580,000 and one for $520,000, so it save to say that the last month medallion price is $550,000 which is just the same as it was back in 2008.

Taxi Is Becoming The Worst Business In New York

Taxi Is Becoming The Worst Business In New York

Most important characteristic is owner turnover. Let’s compare.

  • 2015 – 15 “independent unrestricted” (individual) medallions sold, including 8 medallions were foreclosure sales.
  • 2012 – more than 100 individual medallions sold in 2012, and zero (0) were foreclosures.

This downfall came as a result of sales of additional yellow medallions back three years ago. Plus creation of green (brought) taxi. And these all are coincided with eruption so called “Uber effect”. Actually “Uber effect” it is out of nowhere appearance, and most important all of a sudden, competition from Uber, but also Lyft, Via, Gett, Arcade City, Chariot for Women, etc.

With last two years progression we should expect price for NYC TLS medallions must come to $200,000 at the most $300,000 before 2016 ends.

Not good. No good for investment at all.

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