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Singaporeans turn to Uber to dodge high car prices

Singapore Business Review

Rental cars on Singapore roads soar more than 50%.

According to Bloomberg, 58-year-old retired policeman Peter Chiu rents a Honda Vezel from Lion City Rentals, a local subsidiary of Uber, and drives three to four hours a day for the car-hailing company to cover the cost. Outside those hours he drives the vehicle for personal use.

“A Honda Vezel like Chiu’s typically sells for more than S$100,000 ($71,000) in Singapore, almost four times the price in the US. On top of taxes, car owners in the city-state are forced to buy permits – called Certificates of Entitlement – which are limited in supply and auctioned by the government to help curb road congestion and pollution. At the most recent offering this week, the permit cost S$50,789 for the smallest vehicles,” said Bloomberg.

Read more here.

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