Singaporeans become Uber drivers to get around high car prices

The Uber Technologies Inc. ride-hailing service smartphone app sits on a smartphone display in this arranged photograph at a taxi rank in Madrid, Spain, on Friday, Jan. 13, 2017. Ride-hailing service Uber Technologies has launched its first electric car taxi service in Madrid, operating a fleet of Tesla Motors Inc. Model S electric vehicles. Photographer: Angel Navarrete/Bloomberg

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.