Proof Uber and Lyft are about to wipe taxis off the map forever

It’s been known for a very long time that ride apps like Uber and Lyft would one day wipe taxis off the face of the planet for good. But it looks like that day has finally come.

Yellow cab drivers in New York City are struggling to pay off their medallions — a badge-like licence issued by the NYC Taxi and Limousine Commission that gives you permission to pick up passengers.

Uber and Lyft drivers aren’t governed by the same body, so don’t need this. But those who do, like Issa Isac, can quickly find themselves in a lot of debt. He borrowed $335,000 in 2008 to pay for his medallion.

Back then he was earning $200 a night, but now that ride apps have seriously dented his passenger numbers, he’s struggling to pay off his $2,700-a-month loan. The 46-year-old told The New York Times: ‘I see my future crashing down. I worry every day. Sometimes, I can’t sleep thinking about it. Everything changed overnight.’

Many yellow taxi drivers are trying — and failing — to sell their medallions, some marked up for $750,000. They have been known to sell for more than $1million, but this won’t happen any more. In fact, they’re probably worth a lot less than what the driver originally borrowed to buy them.

Today, they’re more likely to go for as little as $150,000.

Wished I could get that for my plate.

Not if you had paid three times that amount and still have the debt.