Taxi Medallions Plunged To $136,000

In 2013, a New York City taxi medallion, the transferable permit allowing a taxicab to operate, peaked at more than $1 million. As ridesharing companies like Uber increased the supply of cars for hire, non-corporate medallion prices fell 45 percent between 2014 and 2015. At a July 11, 2019 auction, only three of 16 medallions sold, fetching $137,000, $136,000, and $138,000, while the other 13 attracted no bidders. Many drivers had borrowed heavily to buy medallions at their peak, and the crash forced numerous borrowers into bankruptcy.

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