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Taximedaillon prizes "bottom out" provide opportunities for potential buyers.
Quickly buy New York City taxi medals while they're still dirty low priced because a trend reversal is likely. This is the assertion of some sector watchers and financiers who saw medal prizes as craters when ride-hailing applications like Uber and Lyft came onto the market. Taxicab fans say that now is the right moment to buy a locket as price has fallen and good deal hunters are already playing their part.
A recent Queens sale of 46 locket medals was reported to have been conducted at an annual medal rate of US$186,000. Winner was a Connecticut-based hedging company, MGPE, which is likely to rent the medals to a naval jetliner. It also expects the municipality to take measures that could help increase the value of them.
"I think medallion pricing has reached bottom," said Andrew Murstein, head of taxi finance Medallion Financial. "It' only a question of getting some faith in the taxi system. Matthew W. Daus, a former long-time commissar and chair of the New York City Taxi and Limousine Commission, added, "New York City will live.
"because it was a bargain," he said. In 2013, taxi medallion fares averaged $1 million, just before Uber and other driving companies began to lose out. Now many medal holders who have contributed the top dollar are faced with major pecuniary difficulties. Medal holders are now awaited to receive help from the New York City Council.
Attacked recently by a group of medal holders complaining about over-regulation and dishonest fair trade, the City Council is considering additional charges and limitations for over- and other non-traditional collection facilities. Mr Murstein said that the authorities can and probably will help, and that taxi cabs can be a good business again. This makes investment in the taxi business too large a discount attracting large Hedge Fund companies, Murstein added.