Rack, you make a valid point, but if you look at "anyting" you buy and strip it down to "raw" costs, there is typically a BIG swing, from "cost" to "sell price".
Don't get me wrong - A good Taxi is worth every penny (within reason)
The price he "needs" to "make a living" is very dependant on the volume of work he has, and not necessarily due to the quality of his work.