The chart above shows monthly NYC taxi medallion prices for: a) corporate and b) individual medallions, based on data from the NYC Taxi and Limousine Commission. For the first time in more than a decade, individual medallion prices have been flat at $1.05 million for the last ten months. Corporate medallion prices haven’t increased for the last 12 months from $1,320,000. Although corporate medallion prices did experience a similar long period of stagnation at $1 million in 2011-12, individual medallions have steadily increased in value almost every month before hitting the $1.05 million plateau last June. In contrast, individual medallion prices were appreciating annually by 14.4% in the nine year period between January 2004 and December 2012.
Q: Is this the Uber/Lyft/Sidecar effect that makes NYC taxi medallions less attractive now that the taxi cartel is facing competition? Time will tell, but it would make sense that the presence and popularity of app-based ridesharing services like Uber and Lyft, would have to depress the value of a NYC taxi medallion now that the traditional taxi cartel is being challenged.