New York City has taxis all over the place. Everywhere you look, there is a yellow cab zooming down the road. The amount of taxi cabs in the city make sense, however, as it is the prime method of transportation for millions of New Yorkers. In fact, there are over 13, licensed taxis in the city, with most of them crunched into the tiny, yet bustling borough of Manhattan.

While many New Yorkers complain about the rising costs associated with taxis, many do not really understand the economics behind the cars.

What are you actually paying for? The taxi rates in New York City are always changing always going up, I should say. But what makes these prices what they are? To understand these questions, you need to know what taxi drivers make and how much taxi licenses cost.

It all depends on how much they drive, their tips, their hours, and other factors. Many drivers even take home more than the 30k salary however, but they have to work extra hard to get it. This assumes that the cab had a driver every day and every night and that it never breaks down.

They are usually hired by owners of the taxi license to work under them. A medallion is basically just a taxi license, that gives you the right to drive a cab in the city.

Like stated above, there are only 13, licensed taxis in the city. The problem with this is that the city has a fixed amount of medallions that they allow, and it has been set at 13, for years.

Therefore, the demand for these medallions is quite high. Nowadays, the taxi licenses cost close to one million dollars. As you can see the demand for these licenses is increasing, and with that, so are the prices. But just how much can you earn as a medallion owner? Investors are actually flocking to these medallions because they view them as good investments.

After paying for maintenance, insurance , and workers compensation, etc. As you can see, the NYC taxi system is a serious business. The drivers, the license owners, the government, repair shops, insurance companies , etc. Your email address will not be published.

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