Buying a NYC Taxi Medallion in 2026: Prices and Process

In short: In 2026 a NYC taxi medallion sells for roughly $105,000 in a regular sale (median, January–September, from TLC's monthly transfer sheets). To buy one you need TLC approval of the transfer, a set of TLC forms and searches, payment of the transfer tax, and a wheelchair-accessible vehicle ready to hack up within seven days of approval. A broker is optional. Owners of accessible taxis can get up to $30,000 per new vehicle from the Taxi Improvement Fund.

This guide connects the four things a buyer has to get right: the price, the TLC process, the people involved, and the money for the car. It explains rules; it is not legal or financial advice. A medallion purchase is a large loan-backed deal, so have your own lawyer review it.

Recent prices and what drives them

What moves the price you will actually pay:

• Foreclosure vs regular sale. Most sales in TLC's sheets are marked "Foreclosure" (71% of priced unrestricted sales in 2026 so far), and their per-medallion prices cluster at $200,000. Regular sales run much lower. Compare like with like; the price history page splits them.
• Medallion class. Unrestricted medallions trade most. Accessible and alternative-fuel medallions trade rarely, and an alternative-fuel medallion is needed to hack up an accessible hybrid (hack-up page). See medallion types explained.
• Independent vs minifleet. An independent medallion can only go to a buyer who owns no other medallion interest (rule 58-44(d)).
• What comes with it. A car, unpaid debts, or a lender's terms can be built into the deal. The price sheet doesn't show them.

How a transfer works

The TLC rules (§§58-43 to 58-48) say a transfer is complete only when all of these are done:

Details worth knowing before you sign:

• Approval first. Rule 58-05(a): all medallion transfers, including partial ones, must be approved by the Commission. Trying to transfer without meeting the requirements carries a $10,000 fine per entity, per medallion, and the transfer is invalid (58-43(c)).
• Who can own. Every owner (and each business-entity person) must be at least 18, have a government photo ID and Social Security number, and be fingerprinted for a good-moral-character review (58-04).
• Source of funds. You must show where the money comes from: bank statements, an affidavit for cash over $10,000 in the prior six months, gift letters, and lender statements with loan terms (58-45(g)).
• Judgments and liens. A sale can't close while a government judgment against the seller is unpaid, unless a bond is filed, creditors consent, or proceeds go into escrow (58-44(b)). Excess tort claims can also require an escrow (58-47).
• Value. The non-reliance affidavit says you are not relying on anything TLC said about the medallion's value (Medallion Transfers page).

Brokers and agents

Two kinds of TLC-licensed businesses often appear in a medallion deal. At the end of 2025 TLC licensed 17 taxicab brokers and 36 medallion agents (2025 Annual Report).

A warning from TLC's own data: of the 128 loans facilitated by brokers in 2024, 110 included a confession of judgment (OFS Annual Report 2024). A confession of judgment can let a lender get a court judgment quickly if you default. Read every loan document with your own lawyer. TLC keeps a list of enforcement actions against brokers, and you can report a broker to TLC at 718-391-5539 or driverprotection@tlc.nyc.gov (Medallion Brokers page).

The accessible-car rule and the grants that help

Since October 18, 2024, every taxi hack-up must be a wheelchair-accessible vehicle (WAV), even on a medallion that is not an accessible medallion (hack-up page; rule 67-06(a)). So budget for an approved accessible model. Money that can offset it:

• Taxi Improvement Fund (TIF): a one-time $20,000 hack-up payment per new VIN, plus $625 a quarter when the medallion completes at least 750 trips, up to $30,000 or 16 quarters in total (TIF Owner Program). Apply within six months of hack-up (58-50(j)). Details: TIF grants.
• ATLAS pilot: for owners of a single medallion, low-interest loans for an accessible Toyota Sienna with the $30,000 TIF benefit applied up front. See ATLAS.

Retirement is also different for accessible taxis: a WAV has no set retirement date as long as it keeps passing inspections (67-18). The full hack-up process is in how to hack up a yellow taxi.

Financing and risks

• Price history. Independent medallions sold for $800,000–$850,000 in late 2014 per TLC's sheets; regular sales in 2026 run at about one-eighth of that. Many owners from the peak years ended up in debt, which led to the Medallion Relief Program.
• Foreclosures are common. TLC recorded 368 foreclosures in 2024 and owners reported 7 new bankruptcy filings (OFS 2024).
• Relief doesn't come with the medallion. If the seller restructured a loan under MRP+, TLC says the loan guaranty is non-transferable and stays with the owner who restructured (relief program page). As a buyer you start with your own loan terms, and new relief grants closed on April 30, 2024.
• Estates are slower. If the seller died or is incompetent, an administrator may operate the medallion while the estate is settled (form OS-3; rule 58-48), and a sale has to wait for the estate's paperwork.
• Yearly costs. Renewal every two years ($370 now charged), CMVT, insurance, inspections three times a year. See the renewal guide.
• Annual disclosure. Every owner files a financial disclosure with TLC's Office of Financial Stability each year (how to file).
• Use it or risk it. The storage form warns that a medallion not operated for 60 consecutive days can face revocation under Admin Code §19-504(g). See medallion storage.
• Leasing it out. If you won't drive it yourself, the rent you can charge is capped. See DOV lease-to-own and buying or leasing a TLC vehicle.

Free legal help on loans and contracts is available to owners of six or fewer medallions through TLC's Owner/Driver Resource Center (O/DRC FAQ). Start at the medallions hub for all related guides.