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Median Taxi Medallion Price in Chicago Down to $26,500

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Samarov
1274 Rider
 Posted 1 week, 6 days ago

The Auction Flop (via Chicago Dispatcher)

Think this is a real death-rattle for the cab industry...

Comments

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    Bigfrank
    289 Driver Driver Rider
     1 week ago

    This is what happens when standards are lowered and I'm deeply sorry for Medallion taxi owners. No ride share app should be cheaper a yellow taxi especially when we are providing door to door service

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      dread
      Rider
       1 week ago

      I agree with you though don't rideshares also provide "door to door service". Not sure what you are getting at with that statement.

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        Bigfrank
        289 Driver Driver Rider
         1 week ago

        Rideshare is door to door.sorry for confusion. There  were too many under the table envelopes but their day will come and they will answer.

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    outlandish
    137 Rider Driver
     1 week ago

    Crazy. Anyone know what they were worth at their height?

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      Samarov
      1274 Rider
       1 week ago

      300-400k, I think.

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        CTG07
        218 Rider
         1 week ago

        huh not as high as I thought. Why were NYC cabs soo high? I would think Chicago would have been similar. Did you ever own a medallion?

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          Samarov
          1274 Rider
           1 week ago

          Chicago is much cheaper in cost of living so medallions never approached the million mark like NYC.


          No, I never owned a medallion, nor ever considered buying one. I'm a painter and writer; driving was always just a day-job.

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        outlandish
        137 Rider Driver
         1 week ago

        Wowza. 90%+ decline in just a few years. Just goes to show how much the artificial limiting of medallions propped up the whole taxi industry. It's no wonder Uber was able to swoop in and take over... Sad story.

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      Wes
      1260 Rider Driver
       1 week ago  (edited 1 week ago)

      From what I've read, at their peak, over a million dollars in value at their peak in New York, but I haven't reviewed anything regarding Chicago.  Most taxi drivers considered their medallion their retirement fund.  I'm sure they'd never dreamed it could possibly decline - until Uber came on the scene.

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        outlandish
        137 Rider Driver
         1 week ago

        I wonder if there are any taxi drivers out there who saw the writing on the wall and got out in time. I don't think I would have. When Uber started it was just black cars. No big deal. Then Uber X came on the scene and took over so fast. You'd have to be really gutsy to see that coming and sell quick enough.

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    charliemcmaster
     1 week ago

    Man, there is like 5 people at that auction. That picture is so depressing. reminds me of some poor souls funeral.

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    bob
    127 Rider
     1 week ago

    This was many peoples retirement plan 😢 

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    HaileyGraff
     1 week ago

    Oh gosh. What a failure on the law makers to let this happen.

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    CTG07
    218 Rider
     1 week ago

    Holy cow, this is so sad. I know is NYC these medallions were going for over a million just a few years ago. I would imagine Chicago wasn't that far off.

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    lionfool
    136 Rider Driver
     1 week ago

    Medallion lets you pick up street hails. Smart phones killed street hails. Street hails are dead, forever. So, this makes sense. 

    But I feel really bad for the people who got screwed in this. Some really tragic stories out there.