Nana King, a Ghanaian-based US taxi driver, revealed that yellow taxi is a better investment than real estate and owners can make over $4000 monthly.
In a chat on Daily Hustle Worldwide, Nana King shared reasons why he believes driving a yellow taxi is a better investment than real estate. He disclosed that a company bought the car a year ago for $70,000 and he pays the owner $1100 weekly.
“The license (medallion) you need to make the car a taxi is what makes it expensive. The medallion costs $100,000, and I’ll pay $170,000 within three years. They take their medallion back and I keep my car. That is how the Jews make money here.
So, if a Ghanaian wants to invest, they buy the car and medallion for $170,000. I give them $4000 a month for ten years and I keep both the vehicle and the medallion and you make over $450,000 after ten years,” he shared.
However, Nana King indicated that the business has slowed down due to the emergence of ride-hailing services. According to him, these services do not need the medallion to work like the yellow taxi.
Kindly watch the full interview below;
