Forget the stock market. If you're in the possession of a NYC taxi medallion, you're sitting on a goldmine. A retiring Pakistani driver who'd been driving a cab in New York for the last 25 years sold his medallion Wednesday for a staggering $600,000 -- an all-time record for such a sale. The medallion, which gives cab drivers the right to operate legally in the city, cost $30,000 when it was purchased in 1981. The new owner is a taxi fleet operator who already owns somewhere around 100 medallions.
Prices have been steadily rising in recent years, and at the last city-held auction, medallions fetched upwards of $500K. Experts feel that the city could bring values down to a more realistic level -- around $300,000 -- if they added 5000 new ones to the pool. Until that happens (if it happens at all), expect to see more astronomical sale values as medallions change hands. There's a limited number of the things out there, and right now, the demand appears to be off the charts.

At this rate, it's probably just a matter of time before we see a reality show about this. Flip This Medallion, anyone?

We covered one of last year's big-money medallion cars here.

[Source: NY Post, via GM Inside News]


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • From Our Partners

    You May Like
    Links by Zergnet
    Cars for Sale Near You

    Share This Photo X