Where can I buy a Taxi Medallion in New York City?

Answer 1

cannot be bought - must be issued by the city

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Actually the answer that ID1187112271 gave is INCORRECT, a New York City taxicab medallion is considered to be a tangible financial asset that once purchased either at a New York City Taxi and Limousine Commission sanctioned auction, from a medallion broker or directly from a medallion owner is actually owned outright unlike other U.S. cities that issue a taxicab or limousine medallion or license, a good example of this is in San Francisco, California where a medallion which is issued in the form of a small license plate is actually the sole property of the City of San Francisco and when a driver retires, quits or just doesn't want to drive a cab anymore they are required to return that medallion back to the city so that it can be issued to the next person on the waiting list, Now in New York City the medallion owner can do whatever they like, lease it out to another driver who doesn't own a medallion, sell it, place it in their will to be passed on to a relative, friend or even a to a lover but the New York City Taxi and Limousine Commission cannot revoke or cancel a medallion they can however force a medallion owner to sell that medallion if that owner violated the law or TLC rules.

If you are interested in purchasing a New York City taxi medallion be aware that it is VERY VERY VERY expensive, At a May 2, 2008 New York City TLC auction the highest successful bid was $1.3 million dollars.

In New York there are two types of medallion: Corporate and Individual. Corporate medallions can be leased to anyone, while Individual medallions must first be driven 210 9-Hour shifts before they can be leased. Prices for March 2010 were about $781,000 for Corporate medallions and $589,000 for Individual medallions. Corporate medallions must be purchased in lots of two, so the entry price is very high. Debt financing can often be obtained as the medallion is considered a type of property against which security can be taken pursuant to the Uniform Commercial Code. The most prominent taxi medallion lender is Medallion Financial (NASDAQ : TAXI). Medallion's recent borrowing rate in New York has averaged 5.91%.

In order to actually purchase a medallion in New York, you will need to contact a TLC licensed medallion broker.

Answer 2

As of November, 2011 a Medallion (or NYC taxi license) is priced at $700,000. Just several years ago, this amount was only $270,000.

Answer 3

As of November, 2011 there are 13,237 Medallions officially registered in New York City.

Answer 4

Depends where you're going.