NYC Taxi medallion sold for record $600,000

[Rob Williams]

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.

So let me get this straight. In order to be a cabbie in NYC, you need to first purchase an incredibly expensive medallion? Seems extreme for an upfront cost!

http://www.autoblog.com/2007/06/01/nyc-taxi-medallion-sold-for-record-600-000/

 

[madmat]

That's the craziest thing I've ever heard of!

 

[b1lk1]

If you want to work for yourself, then yes you need to buy one.

 

[madstork91]

After clicking few of the links in that I came to realize how much against new fuel efficient technologies some car companies are...

They are still using some of the same old excuses for not having a completely battery run car that they have for years, and solutions for some of those problems have been around almost as long.

 

[moon111]

I don't think car companies are against fuel efficient technologies. They've tried rotary motors, natural gas, propane, turbine-powered, battery-powered, etc. These technologies haven't been able to knock good old gas piston engine technology yet. It's all about market. Many are driving V-8 powered trucks, sportscars, and SUVs. Some have legitimate reasons for owning these vehicles too. Other technologies really haven't even been able to consider this market. Then there's a whole bunch who want inexpensive transportation. $12,000 minivans, cheap 4 cylinder or 3 cylinders, etc. Most of this market wants inexpensive. That leaves alternative vehicles with very little market place. When the price, power, and reliablity is there, car companies will deliver what the market wants.