Have you been in NYC lately? Have you noticed a difference in the types of cars transporting people around? According to a video by Interrobang, the yellow cab is disappearing in New York City and is becoming dominated by rideshare companies like Uber and Lyft.
In Brooklyn, you can see the “graveyard” of yellow cabs parked along the side of the streets. Many of these cabs are full of drivers sitting on the side of the road waiting for people who are looking for a ride. The price of medallions issued in the city has also been in a steady decline in the past few years.
The number of taxi medallions in NYC was 13,587, and since 2013 the value of the medallion has also been in decline since it reached its high point of over 1 million dollars in 2013. The number of Ubers has now surpassed that of yellow cabs in NYC. Some people find the technology of Uber to be more convenient and easier for them to use.
For other people, however, yellow taxis remain their first choice for transportation, and the yellow cab medallion is not dead yet. As Uber expands to highly technological adaptations such as self-driving vehicles, taxi medallion owners will just have to adapt and change to adhere to the current trends in the industry in order to stay alive.
What is your opinion on taxis versus Ubers in New York City? Or anywhere, for that matter? Is the taxi medallion dead? Let us know what you think!