[단독]Seoul private taxi market price ‘highest ever’… 12.5 million won rose in one year

The price of private taxis in Seoul, which had fallen to the late 70 million won range a year ago, soared to the early 90 million won range as of this month. It is the highest ever since the standards for the number of private taxis were eased. This is due to the fact that anticipation for the taxi market has risen as measures to resolve taxi ride difficulties and stabilize supply, such as lifting the private taxi subsystem (forced holiday system) and raising the basic fare, have been announced one after another.

According to the private taxi brokerage platform industry on the 22nd, the average sales price of private taxi licenses (number plates) in Seoul was tallied at 91.5 million won as of this day. The price of a private taxi, which fell to 79 million won in November last year, soared by 12.5 million won. Transactions including used vehicles for commercial use far exceed 100 million won.

The price of private taxis in Seoul entered the 90 million won range at the beginning of last year when the positive standard was eased, but fell below the 80 million won range due to social distancing due to the Corona 19 pandemic and deteriorating profitability due to deepening platform subordination. Recently, the government and local governments have announced measures to supply shortages of taxis, and the price of private taxis this month hit a record high.

An official from the private taxi brokerage platform industry said, “As the government lifted the subtitle for private taxis to solve the taxi ridership problem and the Seoul Metropolitan Government announced that it would raise taxi fares from next year, demand for private taxi services is reviving.” When the taxi measures were implemented, the market price is soaring rapidly as the trend is to collect even the sales that have been put out.”

Seoul private taxis are running downtown.  Electronic Times DB

Currently, the number of private taxis operating in Seoul is 49,000, the most in the country. However, the point that catching a taxi late at night was ‘picking stars in the sky’ continued to point out. In order to solve this problem, the Seoul Metropolitan Government abolished the 3-day private taxi system from the 10th of this month for the first time in 45 years. As the number of days allowed to operate increased due to the lifting of the subtitle, the market price of private taxis naturally rose.

The first increase in the basic taxi fare in four years since February 2019 is also the reason for the sharp rise in private taxi prices. In the meantime, profitability declined as taxi fare increases were limited, and the spread of Corona 19 overlapped, reducing the number of taxis and accelerating the aging of the taxi fleet. On the 25th of last month, the Seoul Metropolitan Government Price Countermeasure Committee completed the deliberation of late-night surcharges and fare adjustments for taxis.

As a result, the basic taxi fare in Seoul will increase by 1,000 won from 3,800 won to 4,800 won from February next year. The basic fare mileage will be reduced by 0.4 km from the current 2 km to 1.6 km. From December 1st, the late-night surcharge application time will change from midnight to 4pm to 10pm to 4am, and the maximum surcharge rate will increase from 20% to 40%.

Taxi platform industries such as Kakao Mobility and Uti (T Map Mobility, Uber) are also participating in securing incentives for drivers, such as raising taxi flexible call rates in accordance with improved government regulations. Each company is planning to increase the call charge from 3,000 won to 4,000 to 5,000 won at night.

An official from the Seoul Private Taxi Association said, “We expect that the abolition of the subsystem system that has been maintained for decades and the basic fare increase will be of great help to the operation of private taxi members.” We plan to actively cooperate in solving the late-night taxi ride problem.”

[단독]Seoul private taxi market price 'highest ever'...  12.5 million won rose in one year

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