Technology has advanced rapidly in recent decades, and several of our routines have shifted radically. Even if certain habits have yet to be altered, they will shortly.
For example, payment options in the purchase of goods have expanded to include cryptocurrency.
These decentralized, virtual currencies have a variety of names and values, but Bitcoin is now the most widely accepted.
Because this form of money is rising in popularity and with more people starting to buy USDT, Bitcoin, etc., many car firms are beginning to see how strong and profitable it can be about which you can read more here. They have opted to accept cryptocurrencies such as Bitcoin and Ethereum as payment for goods and services offered.
Car Companies that Accept Cryptocurrency Payments
Below is a summary of a few car companies that allow their customers to use Bitcoin as a form of payment:
BitCar is a website that focuses on fractional ownership of exotic cars, primarily from high-end manufacturers.
The site uses a blockchain-based infrastructure to let you buy a car using a “utility token,” which is an asset that you can trade on BitCar’s live peer-to-peer auction market.
Multiple users can access the platform on this system, and you can use the token to buy a car from a dealership depending on the vehicle’s value.
In addition, people can also purchase an exotic car through a peer-to-peer “asset token” exchange, which allows users to trade their way up to full ownership of an exotic car, allowing them to take ownership of the exotic for themselves.
The renowned electric car business only recently started allowing Bitcoin payments. In 2013, a Florida guy paid in crypto for a Tesla S at a California dealership. The Bitcoin price was 91.4, which was worth $103,000 at the time.
This was an unusual situation for Elon Musk’s company, prioritizing online sales with direct interactions between the maker and its clients over traditional dealerships.
It is expected that the company will soon make this new form of payment official.
Bob Moore Car Dealership
Based in Oklahoma, Bob Moor has begun accepting crypto, including Bitcoin, in its 18 dealerships.
The firm is spreading the service to its other stores, which sell Ram, Porsche, Infiniti, Jeep, KIA, Mazda, Audi, Cadillac, Maserati, GMC, Land Rover and more.
After initially offering the payment option at its Subaru dealership in Oklahoma City, Bob Moore facilitated a deal involving Aliant Payments to make this happen, which will allow payments to be made in Litecoin, Ethereum, and Bitcoin.
Perhaps, you want to buy a new BMW. Many of BMW’s dealerships now accept Bitcoin. Many sellers in the United States and the United Kingdom now accept payments in the form of Bitcoin.
The move appears to be profitable, as many Bitcoin owners prefer to use virtual currencies to purchase services and luxury goods, thus enabling more customers to purchase cars via Bitcoins in the future.
In letting dealers accept crypto in consumer transactions, BMW appears to be on the right track.
Luxury Car Dealers
Since a Lamborghini dealer in Costa Mesa, California, began accepting Bitcoin as a form of payment in September 2017, additional luxury sports car sellers have followed suit, allowing you to purchase your vehicle using cryptocurrency.
Atlanta and Albany, New York, are two places where merchants now accept Bitcoin.
In December, Michael’s Auto Plaza in Albany, New York, added BitPay to its list of bitcoin merchants.
Eugene Rubinchuk, a vice president and a part-owner at the dealership, which sells old cars for under $15,000 to an $89,000 Bentley, claims he noticed posts on Facebook about people buying
Lamborghinis with bitcoin based on a CNBC report.
Post Oak Dealership (Texas)
Based in Texas, the car dealer was the first to allow crypto and Bitcoin payments in car sales, beginning in September 2018.
The company has joined with BitPay in order to enable customers to purchase cars with cryptocurrencies. This will result in an expansion of the retailer’s consumer base beyond Texas.
This way, dealerships will be able to accept global purchase orders with Bitcoin. As a result, customers will be able to acquire their cars more quickly due to this ease.
How to Purchase a Car Using Cryptocurrency
- To begin, you must first acquire a large amount of cryptocurrency, most likely Bitcoin, as it is the most generally accepted by auto dealers.
- You’ll need a cryptocurrency wallet, which you can get from Coinbase or eToro.
- After that, you’ll need to get a safe cryptocurrency transfer app. Unless you’re buying a Tesla, which uses a very similar program called BTCPay, the majority of these vehicle sellers utilize BitPay. These applications are really simple to operate.
- Simply connect your crypto wallet, and your dealer will be able to request payment via the app.
- That’s it! You’re prepared to purchase a vehicle using cryptocurrency.
Should You Purchase a Car Using Crypto (Which is better: cryptocurrency or cash)
The only great benefit of buying a car with bitcoin rather than cash is the possibility of avoiding any transaction costs with your crypto wallet provider.
Let’s say you keep your crypto on Coinbase, which charges a 1% withdrawal fee.
If you’re trying to get $10,000 out of your bank account to buy a million-dollar automobile, that 1% is $10,000. That’s a substantial sum of money. So, if you buy that million-dollar car using cryptocurrency, you can avoid paying the 1% fee entirely, which sounds pretty awesome.
Another thing to consider is how often the price of Bitcoin varies, but there’s always a chance you’ll get lucky. Let’s imagine the price of Bitcoin plummets to $10,000 the day after you purchased the car for one Bitcoin. That implies you just paid $10,000 for a car worth $57,000, which is a fantastic deal.
Elon Musk was not the first high-profile individual to accept Bitcoin in a car purchase. As its popularity continues to rise, it is almost certain that the cryptocurrency market and cryptocurrency exchange platforms will soon begin to play host to car purchases.
However, it should be noted that purchasing a car with any cryptocurrency is a major game of chance, and depending on the price of that cryptocurrency, you may come out as a big winner or a big loser.