Independent Owner Annual Maintenance Costs
| Liability Insurance |
$3,700 (with a good driving record) up to $6,000 |
| Vehicle Depreciation and Cost |
$6,000 |
| Maintenance |
$4,000 |
| Gasoline |
$5,000 |
| Motor Vehicle Tax |
$1,000 |
| General and Administrative Costs |
$1,800 |
| Medallion loan |
$18,000 ($1,500 per month) |
Independent Owner Income
Corporate Owner Income
Fleets
A fleet owner charging the maximum lease rate per shift would generate $1,587 per week in lease fees from each taxicab. Some fleets may discount lease fees and charge less than the maximum rate.
The above reference start-up costs and annual maintenance costs are based on estimates of both expenses and revenue for 2004. These estimates vary from year to year and are affected by variable interest rates, the rate of fare, lease cap rates, vehicle costs, gas prices and maintenance fees; all of which fluctuate periodically.
Non-Fleet Corporate Owners (Agents)
On average, in 2004, agents are receiving $700 per week for a twelve-hour shift for each taxicab leased. We estimate that in 2004 a typical leasing arrangement would generate $1,300-1,500 per month for a medallion owner. The agent makes this payment to the owner for the use of his license, and assumes all expenses in connection with operation.
The above referenced annual maintenance costs and revenue estimates are based on averages for 2004. These estimates vary from year to year and are affected by variable interest rates, the rate of fare, lease cap rates, vehicle costs, gas prices and maintenance fees; all of which fluctuate periodically.
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