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Singaporeans become Uber drivers to get around high car prices

Bloomberg Published on Fri, Mar 17, 2017 / 8:48 AM GMT+8

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SINGAPORE (March 17): In one of the most expensive countries in the world to own a car, Peter Chiu is finding a novel way to pay for one.

The 58-year-old retired policeman rents a car in Singapore, drives three to four hours a day for Uber Technologies Inc. to cover its cost, and has a shiny Honda Vezel the rest of the time for his personal use. Hiring a vehicle to work for Uber is becoming a more common sight in the city-state, where Chiu’s SUV costs more than a BMW M3 luxury sports sedan does in New York.

“Buying a car in Singapore is so expensive,” said Chiu. “If you want to drive around to cover expenses, that is quite easy. And any extra money you get, that’s more income for you.”