Want to be a Cabbie in NY?. . . . . .?

[BamaE4U]

NEW YORK (Reuters) - The price of a license to operate a New York taxi cab hit a record $600,000 in May, according to a lending company which financed the purchase.
Medallion Financial Corporation said it had financed the purchase of two medallions -- the license 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 this week," Andrew Murstein, president of the lending company, said in a statement on Tuesday. 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 stuck in traffic and without a tip.

Don't know how they can justify paying that much. . . . . . for the opportunity to drive a CAB! :hammer:

 

[Connie]

Wow! $600,000???? That is a lot of money. Adequate words escape me.

 

[carol]

Cab companies make lots of money.. the drivers almost never own the cab or medallian..lots of new immigrants drive the cabs.. which is why it is hard to understand them.. but remember most of the drivers pay is the tip money.. maybe all of it.. and tip money is largely unreported...hense all but tax free.
Not a job I would like but I knew cabbies when I lived there.. and they did ok.. or at least always had more money than I did.