Astronomical Price Tag of a NY City Cab License!!

Last updated on Jun 3, 2007

Posted on Jun 3, 2007

People in India complain about the cost they have to pay to the Engineering college to become Engineers!  In NY, you and I cannot even THINK of getting a license to DRIVE A CAB!!  Guess how much it costs?

The price of a licence to operate a New York taxi cab hit a record $600,000 in May, according to a lending company that financed the purchase. Medallion Financial Corporation said it had financed the purchase of two medallions – the licence to operate a yellow cab in New York – for a total of $1.2 million by a large corporate fleet operator. "Prices of corporate medallions have increased from $195,000 in 2001 to the record $600,000 now," Andrew Murstein, president of the lending company, said. It said the previous record was about $550,000. New York has around 13,000 yellow cabs. A typical $10 fare would cover a trip from the Empire State Building in Midtown Manhattan to the Financial District at the south of the island, assuming no time is spent in traffic jams and there’s no tip.
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