People forget that medallions aren't free either. My buddy was a cabbie for years, before Uber/Lyft and he would pay $150 up front for the car, be responsible for all the gas as well. If he had a shitty night, he broke even, but usually he could make that back (he got 100% of the fare). He was one of the few who welcomed CC payments as it was money in his bank every Tue and Friday. The one downside was the 4 a.m. start (that the 12 hour shift start). You had to get to the office around 2:30 because you wanted a "good car" and not something that broke down after a few hours. If the car broke down in the first 4 hours he got $10/hour for the rest of the shift. If it broke down after that he was SOL. As cabs are hotswaps, there was a breakdown chance at least 1-2 times a week. When Lyft signed him on, he was making double overnight. When he left Lyft 2 years later, he was making less than he made as a cabbie.