Uber and Lyft Get Blamed For Drastic Drop In Medallion Value

The days of the 7 figure price tag for a taxi cab medallion are over thanks to Lyft and Uber.

Just 4 short years ago a yellow cab medallion sold for 1.3 million bucks. Last week a medallion sold for $241,000.

 There are currently 13,587 NYC yellow cabs motoring through the five boroughs.

Compare that to an estimated 50,000 Uber and Lyft vehicles and you can see what has caused the worth of a medallion to plummet.

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Photo Credit Getty Images


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