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Old 05-19-2015, 11:53 AM
 
Location: NYC
11,829 posts, read 7,704,170 times
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http://www.nytimes.com/2014/11/28/up...abt=0002&abg=0

I predict in 2-5 yrs many of the Taxi COs in NYC will go bankrupt due to many of their Medallions becoming less valuable than the loans' principal they're still paying.

The only enemy to Uber will be other competitor, it's a race to the bottom.

Cheap fares are here to stay.
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Old 05-19-2015, 12:17 PM
bg7
 
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I can't believe there even still worth that much after the Uber wave.
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Old 05-19-2015, 12:46 PM
 
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The city should just eliminate the medallion system and start over. Put a limit on the number of Taxi driver licenses, not number of cars. The cars would have to be inspected and properly equipped, but the limiting license would be held by the drivers. There would be a fairly significant annual renewal for the license. The license would be non-transferrable, so there'd be no secondary market.
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Old 05-19-2015, 01:25 PM
 
Location: NYC
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It will be impossible for them to manage these crowd sourced car services. If some car pulls up and picks someone up, how would inspectors or police know what they are or work for?

That's why some Detective got pissed off because many of these Uber drivers just pretend they are there to pick up a friend.

What they ought to do is make certain license plates available like commercial plates.

Medallion system is old bureaucratic way which inflates prices of fares and quality of service goes down due to lack of competition.
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Old 05-19-2015, 01:38 PM
 
Location: New Jersey
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Threres actually 13,8XX medallions now...they issued 400 more recently.

The price will level off somewhere I suppose since there is still heavy demand for street hail service, which Uber isn't allowed to do. Some people got burned though, or are in the process of getting burned on speculative medallion purchases recently when the prices topped $1M. Until VERY recently medallion prices never did anything but go up. Transportation network company's (TNC's) like Uber and Lyft have obviously changed the landscape a bit, but they have their own pending issues which very well could blow up in their faces in the next few years.
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Old 05-19-2015, 01:45 PM
 
Location: New Jersey
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Quote:
Originally Posted by vision33r View Post
It will be impossible for them to manage these crowd sourced car services. If some car pulls up and picks someone up, how would inspectors or police know what they are or work for?

That's why some Detective got pissed off because many of these Uber drivers just pretend they are there to pick up a friend.

What they ought to do is make certain license plates available like commercial plates.

Medallion system is old bureaucratic way which inflates prices of fares and quality of service goes down due to lack of competition.
NYC registered Uber cars are already required to have TLC license plates and the cars can not be older than 2011 at this point to be eligible for UberX. The strictest standards of anywhere in the country I believe. (A bit too strict if you ask me but that's the TLC for ya)
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Old 05-19-2015, 02:50 PM
 
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Who cares if the "manage" them? The taxi industry is ridiculously overregulated.

Quote:
Originally Posted by vision33r View Post
It will be impossible for them to manage these crowd sourced car services. If some car pulls up and picks someone up, how would inspectors or police know what they are or work for?

That's why some Detective got pissed off because many of these Uber drivers just pretend they are there to pick up a friend.

What they ought to do is make certain license plates available like commercial plates.

Medallion system is old bureaucratic way which inflates prices of fares and quality of service goes down due to lack of competition.
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Old 05-19-2015, 03:02 PM
 
Location: NYC
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Quote:
Originally Posted by UrbanAdventurer View Post
NYC registered Uber cars are already required to have TLC license plates and the cars can not be older than 2011 at this point to be eligible for UberX. The strictest standards of anywhere in the country I believe. (A bit too strict if you ask me but that's the TLC for ya)
Well because most of the millennials love Apps, they rather call for an Uber car service than hail a cab. Hailing a cab is a pita. Why not just use an app and take care of pay and not have to worry about exact change and tips. So I believe regular cabs are gonna get lesser business when people feel these new services are cheaper and offer more convenience.
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Old 05-19-2015, 03:06 PM
 
Location: Brooklyn, NY
1,271 posts, read 2,554,771 times
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Quote:
Originally Posted by bg7 View Post
I can't believe there even still worth that much after the Uber wave.
It's hard to say what they're worth as they're not selling. Sales of medallions are virtually nil at the moment. The prices quoted in the article are almost certainly overestimates. (Also, the article is from November of last year.)
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Old 05-19-2015, 03:30 PM
 
Location: New York, NY
1,705 posts, read 1,075,302 times
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Good. $1 million+ for a taxi medallion serves no one but the wealthy few who own the vast majority of them.

The guys driving the cabs don't own those medallions are hardly break even when on a shift.
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