Medallion Values Still Depressed with Average Transaction Price of $107,378 in June 2021

Crain's NY recent article highlights medallion owner struggles as more competition arrives from the likes of all-EV service Revel. However, we think a bottom might be in.

“If you had the money, you could pick one up for $50,000 to $100,000. I haven’t seen them appreciate at all…And with all this bad news coming out with more competition—this is dead.” - Sergio Cabrera, a medallion owner-driver who owes $267,000 on his loan.

Crain’s NY recently published piece, Taxi medallion values plummet as new competition hits the street, highlights the continued plight of the once $1 million NYC yellow cab medallion. The article is behind a paywall so I can’t legally copy and paste it below, but in summary it makes the point that NYC taxi medallion values still remain depressed with drivers struggling to pay deeply underwater loans backed by collateral that has dropped more than 85% in value! In addition, Crain’s mention the launch of Revel’s all-EV rideshare service as putting more pressure on an already weakened medallion market. A simple reading of the article may lead one to think the NYC TLC has lost the plot again, but I think Crain’s overstates Revel’s poten…