So, a lot of the time you’ll hear people saying that cryptocurrency is just an investment, and not a sound one at that, because you can’t actually purchase anything with Bitcoin or Ethereum like you can with a dollar. Well, my friends, it looks like that’s starting to change.
This is going to fire up all you crypto-kids out there because now you can now buy a freakin’ car with crypto. To all those haters out there that said crypto would never become a legitimate currency, well, it’s looking more and more like they were dead wrong.
In this article, I’m going to tell you exactly why you should consider buying a car with crypto, which dealers are accepting crypto as payment, how to actually pay those dealers, and whether it’s really a good idea to buy your next car with Bitcoin, Litecoin, or whatever else you’re holding. This is how to buy a car with crypto! Let’s go!
Why Buy a Car With Crypto? – Why Not Cash?
Of course, it’s always been possible to buy a car with crypto, sort of. There was always the option to just cash out of your Coinbase or eToro account and then take that cash and buy a car with it. So, why would you buy a car directly with cryptocurrency? What’s the advantage?
Well, if you’ve ever used a crypto exchange before, you know that the fees associated with cashing out can be a bit excessive, especially on Coinbase. So, by purchasing a car with crypto directly, you can avoid paying these fees entirely. And who doesn’t want to save a little extra money when they can? Plus, if you depending on when you choose to purchase your car, you might get a better or worse deal depending on what the price of the crypto you’re paying with does.
Let’s say that you buy a Mazda Miata with Bitcoin, and then the very next day the price of Bitcoin absolutely tanks. That means you just got a great deal on that Miata! So, depending on your speculations about the price of a certain cryptocurrency, you could try to game the car dealer a bit for a better price.
Alright, now that you have your motivation, let’s talk about where and how you can actually buy a car with crypto today!
Where To Buy a Car With Crypto – Bitcoin Ballin’
Alright, so this might come as a surprise to you, but with the rise in popularity in Bitcoin, there have been plenty of dealerships across the United States that have started accepting Bitcoin as payment.
If you live in Oklahoma, you can head on down to one of the 18 Bob Moore dealerships and pick up an Audi, Ford, Jeep, Mazda, Nissan, Porsche, and a bunch of other brands, and pay them with Bitcoin, Litecoin, or Ethereum. Good for Bob Moore for being on the cutting edge.
You’re also in luck if you live in Cleveland, where you can find Bernie Moreno dealerships that sell Mercedes-Benz and Porsche models, and take Bitcoin as payment. Post Oak Motor Cars in Texas is also accepting Bitcoin in lieu of their Bentleys and Bugattis! If you’re more of an American classics kind of guy, you can go to Classic Recreations in Yukon, Oklahoma, where they specialize in restoring classic Mustangs.
And that’s not all! A new website called BitCars.eu has also sprung up, which is a full-on online dealership accepting Bitcoin for all kinds of crazy rides. You can get a freakin’ G-Wagon, a Bentley Continental drop-top, or even a LaFerrari or a Lambo Huracan, all with Bitcoin! Crazy!
So, now the question is when you’re buying a car with Bitcoin, how does it actually work? Like, how do you transfer the crypto to the dealer?
How To Pay for a Car With Crypto – The Transaction
Alright, first things first, before you buy a car with crypto, you obviously need a crypto wallet like Coinbase or eToro. And then you’re going to need to buy some crypto. Wait, you’ll need a ton of crypto because you are buying a car after all. You can get Bitcoin or Litecoin or Ethereum, whatever the dealer accepts.
And then you’re going to need to get a transfer app. BitPay is a massively popular transfer app among these dealers, and your independent dealers like Bob Moore or Bernie Moreno are mostly using BitPay. Tesla, when they were accepting Bitcoin as payment, chose to go through BTCPay, which is more or less the same thing.
These apps make it super easy for you to transfer your crypto in a safe and secure way. You just link up your wallet to BitPay or BTCPay and then you can transfer Bitcoin to anyone in the world pretty much instantly.
So, it’s really simple and easy to buy a car with crypto, honestly. But does that mean you should do it? Well, the answer’s not that simple.
Should You Buy a Car With Crypto? – The Big Decision
You know how it goes. Just because you can do something, doesn’t necessarily mean you should. Here’s the problem: with the prices of Bitcoin and other cryptos being so volatile, it’s hard to know if your investment in your car is going to be a good one. Depending on what the price of that crypto does, you may have either overpaid or underpaid for your car, but there’s really no way to know at the time. And all of these dealers who offer you cars for Bitcoin, aren’t going to pay you in Bitcoin if you want a refund or a buyback. Nope.
Let’s say you go onto BitCar.eu and buy up a car for an amount of Bitcoin that’s equal to $10,000. And the very next day, the price of Bitcoin doubles and you write them an email like, “Hey, I want to trade my car in for that same quantity of Bitcoin!” Nope, you’re not going to get $20,000 worth of Bitcoin. You’re going to get $10,000 USD.
Now, let’s say you bought that same $10,000 car, and the next day the price of Bitcoin goes to flat zero. Well, then you just offloaded a worthless asset and got a free car out of it. Pretty sweet deal, I’d say.
So, overall, it’s just kind of a risky game of speculation. I’m personally of the opinion that the price of Bitcoin will continue to go up, and these car dealers just want to gobble up all your Bitcoins and keep them for themselves, all while forcing you to essentially overpay for their cars. But, if you think Bitcoin or another is going to tank, then buying a car with that crypto is probably a wise decision.
The bottom line is that no one really knows what’s going to happen to Bitcoin or any other cryptocurrency’s price. So, in summary, it’s a bit of a gamble.