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Taxi medallions were being sold for $300k three years ago. Taxis likely didn't buy with cash, but rather financed them, leading to significantly higher operatio
by ThrustVectoring 9y ago
Taxi medallions were being sold for $300k three years ago. Taxis likely didn't buy with cash, but rather financed them, leading to significantly higher operational expenses.
- alkonaut 9y agoYeah but don't those medallion prices tank now, so anyone who got one recently doesn't have that overhead? Obviously those who bought into the pyramid ponzi scheme at the wrong point will go under. The use of medallions where it still exists needs to die - but what better time than when prices reach bottom?
- thephyber 9y ago> so anyone who got one recently doesn't have that overhead If you were a lender and you are aware that the medallion market hasn't bottomed, would you lend $200k-300k? Probably only if the down payment was very significant. The article states that foreclosures on medallions are increasing, so the market hasn't capitulated.