Call a couple of brokers, like Westway, Pearland, Mystic, any that are listed in the magazines or if you see them on the street. They can answer all your questions, and explain it all to you.
But in short, to buy an individual you will need around 75k for a down paymen on a medallion that costs 560k and a car around 30kt. Your medallion payment will vary based on what kind of medallion you get, your down payment, and your financing. Don't buy a handicapped accessible medallion, the cars and the repairs are a POS. Your insurance with other drivers and yourself, will be 700-800. Your car cost will vary, depending on what you get and how soon you pay it off. Your other set costs, workmans, taxstamp, license renewal, and meter run around 325/mo. Then there are repairs. If you buy an indivdual medallion, buy it under a corporation formed specifically for this purchase. You get immediate asset protection and down the road, the ability to do a 'like kind transfer" when upgrading to minifleets and thus defer your capital gains. Minifleets? 200k each, at least, purchase price each, and you should buy two so as not to get linked to a partner you might not know or like.
Buying a car and leasing the medallion works best when you know for sure you will be in the business only for 3-5 years fulltime, or you currently don't have the money for a medallion. Any longer time frame, work toward a medallion. Any shorter time frame, and you basically tie yourself into car payments and a medallion lease that you might want to get out of, all the while paying repairs.
Good luck, feel free to email me if you have any other questions:
Antolin_Du_bois@yahoo.com