How Much Does A Taxi Medallion Cost And How Do I Buy One?


1 Answers

Anonymous Profile
Anonymous answered
Hi Mario, you will have to be more specific about your question, as prices will range significantly depending upon the city.  As of March, 2010, prices for major markets were as follows:

- Chicago taxi medallions: $185,000
- Boston taxi medallions: $385,000; and
- New York Corporate taxi medallions: $781,000 (owner does not have to drive); and
- New York Individual taxi medallions: $589,000 (owner must drive).

Other major markets include Los Angeles, Philadephia, Newark, and Miami-Dade.

In order to purchase a medallion, you may have to go through a licensed taxi medallion broker, as is required for example in New York or Chicago.  Taxi medallion brokers can help arrange your financing (medallions can be financed significantly with debt), insurance, etc.

Answer Question