Is the taxi business in NEW YORK, Lucarative?

Question

I want to rent the medallion yellow cab and do some taxi work on the side in New York. I hear it is very Lucrative. Do any you guy/girls from the yahoo community have any input, advice,experience etc.

I would be so thankful :-)

Answer 1

Yes it is! People in the 80's used to kill each other for the taxi medallions! The last taxi medallion was auctioned off for 1.3 million, and before that there wasn't a medallion available for something like 8-11 years! It's very competitive because if you have a cab its a steady flow of money, especially in NYC! You could make an easy $100 in 30 minutes! That's  more than a lawyer makes! Good luck!