Can I Buy a Car With Cryptocurrency in 2023? Kelley Blue Book

How to buy a car with cryptocurrency

Out of these models, price of Maserati Levante V6d 5dr Auto 3.0 is under one bitcoin. Using BTC to purchase a Ferrari resulted in Clausi’s arrest in 2021, as Moroccan customs deemed the use of cryptocurrency to be an unlawful transfer of funds. A crypto user who purchased a luxury car with Bitcoin (BTC) faces 18 months in prison and a $3.7 million fine in Morocco, which still considers the use of crypto as an illegal act. I am myself bullish on cryptocurrency, and I have several crypto investments, but I wouldn’t advise buying a car, or anything else for that matter, with Bitcoin.

MotorCars of Atlanta is another luxury car dealership from Georgia that accepts Bitcoin as a form of payment. The dealer’s official website lets clients view different vehicles and learn all details about each model. The dealer has both used and new inventories, so those looking for ways to save a little on their premium car purchase can safely do it at MotorCars of Atlanta. The dealership sells vehicles from a large number of car brands, but its specialty is exotic brands.

Car Dealers Accepting Bitcoin

He asks the salesperson if he can pay with Bitcoin and shows off a digital wallet with a balance of $200 million. The salesperson tells the guy the dealership can’t take Bitcoin. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Our insurance team is composed of agents, data analysts, and customers like you.

Once the buyer chooses their desired car, the platform’s consultants will provide information about the required amount. The team will also guide buyers through the crypto payment process. Customers can purchase all cars with Bitcoin if they pay for the vehicle in full, including tax, tag, and title fees.

Both companies said the partnership was in response to “strong demand” from Australian customers to purchase vehicles and other luxury items using crypto. One of Australia’s largest crypto exchanges by total users has inked a deal with a local retailer allowing individuals to purchase luxury vehicles using crypto. “Michael’s Auto Plaza in Albany, New York, began accepting cryptocurrency payments using BitPay in December. In my 30 years in fintech, I have never seen a financial services innovation be adopted as fast as crypto payment and financing solutions for auto. The retail auto industry is ready because their customers are asking for it.

Clausi was arrested in 2021 for using Bitcoin to buy a luxury car. Moroccan customs consider the use of cryptocurrency to be an illegal transfer of funds. Honda models not only look exquisite but are manufactured with the most advanced technology to further enhance their popularity. As Honda is recognized as the manufacturer that regularly produces the most reliable cars, buyers are very willing to put this name at the top of their wish list. Ranging from quite expensive options to some reasonable options, Tesla Model 3 Dual Motor Performance Auto 4WDE is an excellent choice for people who want to pay by bitcoin. The amazing part is that this model is with BTC price of 1.616 that is not that high.

BMW is one of the best cars of 2021 that aims at designing and manufacturing electric vehicles. Many crypto users are unsure that BMW is accepting payment from digital wallets or not. There is a piece of good news for cryptocurrency holders that now you can buy a BMW with bitcoin. These may be spotted in Atlanta and Albany, New York, where retailers now take Bitcoin. The transaction process isn’t complicated, but if you’re not used to crypto investing and are new to this field, you may need to do some research beforehand. That’s because you need to understand how cryptocurrency exchange apps work and find out what virtual currency is accepted by the dealership you want to work with.

The advantages of buying your car with crypto

Sure, the guy could have sold some of his crypto, converted it into dollars and transferred it to his bank. He could have gone to the bank to get a cashier’s check and then come back to the dealership three days later to buy the cars. Had the dealership been set up to take crypto, the transaction would have taken only a few minutes.

  • As we discussed above, Bitcoin transactions are verified by a network of computers rather than any central authority.
  • The dealership has five BMW centers and three MINI centers across the UK.
  • Armormax’s compact ballistic armoring materials can reduce a vehicle’s load by up to 60 percent.
  • You can save cars, get recall alerts, track price drops and more from any device.
  • To be fair, Tesla is not the only company that accepts Bitcoin payment that does that.

While there are not as many options to purchase a car with crypto as there are with the traditional car purchasing process, using crypto to buy a vehicle is possible. Car brands like Tesla have helped move the conversation forward by providing options for consumers to use virtual currency. But before going this route, crypto owners should do their due diligence in research. The convenience of finding a preowned car on Facebook Marketplace, setting up a meeting, and purchasing a vehicle is difficult to beat. Perhaps in the future, more private sellers and dealerships will welcome cryptocurrencies to the same extent. However, it will likely not be as straightforward as buying or financing a car at a dealer.

Pros and cons of buying a car with crypto

It is still the biggest by market cap and has inspired thousands of “altcoins.” Popular alternatives are Ethereum, Litecoin, Ripple, Solana, and more. Follow these six steps to purchase a car on Crypto Emporium, the best online marketplace for cryptocurrency purchases. This can be especially beneficial for international transactions, where fees can be high. In fact, research shows that crypto transactions could eliminate 97% of traditional remittance fees. This facilitates cost-effective cross-border transfers of large sums when purchasing cars. Aside from loans, customers can also buy cars with a single payment via this dealer.

How to buy a car with cryptocurrency

Nissan’s vehicles have for a long time been manifestations of reliable and all-purpose cars that do not break the next day you buy them. Carriage Nissan sells both new and used Nissans, so you can definitely find the one which will fit your bill. Recently, Carriage Nissan partnered with Coinbase to bring the option of paying with Bitcoin to its clients. Now, if you want to purchase a car from Carriage Nissan, you can pick the Bitcoin payment method, yet to do it, you will have to cover the entire price of the vehicle, including tax. Basically, at Carriage Nissan, you will not be able to pay for your car in installments using Bitcoin, which is understandable. Carriage Nissan is an excellent dealership for those who are determined to get themselves a Nissan car with Bitcoin at an affordable price.

Porsche 911

From 2018, Mercedes-Benz and Porsche dealer Bernie Moreno accepts Bitcoin and other cryptocurrencies as deposits for cars and services. Customers of the dealer can buy cars with a simple tap on their smartphones, sending Bitcoin from a digital wallet to the dealer at no additional cost. Users who find a seller willing to accept bitcoin on another website may also choose to engage the escrow feature. Escrow service providers will act as an intermediary between the buyer and seller, holding all funds until they meet the terms of the purchase agreement.

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The price of vans available on this website varies widely, depending on the model. That being said, it’s not all about choosing the right car dealer. For instance, it is up to the customer to store Bitcoin safely using a secure wallet and make the payment to the correct address.

At the same time, safety can be an issue, too, although blockchain technology is known to provide customers with secure transactions. This is linked to the lack of authority ruling the crypto market, which is an enormous disadvantage in this case. If you encounter an issue, you have no one to discuss it with outside the dealership business, which can’t assure you of the same price discussed previously. As more businesses approach cryptocurrencies, they’ve also provided benefits to clients. Therefore, the automobile industry offered customers the option to purchase their vehicles with a few selected cryptocurrencies.

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Purchasing a used car from a dealership or a private seller can be a smart choice for many Greater Columbia, MD, Baltimore, Silver Spring, Rockville, and Washington, DC residents. It’s not just about the initial savings compared to buying a new one, … BMW vehicles are classical in model and amazing for their sports style.

It was May 22nd, 2010, when Laszlo Hanyecz, a Florida programmer, bought two Papa John’s pizzas and paid 10,000 Bitcoins. This was the first-ever recorded real-world transaction using crypto. At that time, 10,000 Bitcoin was worth approximately $41, and since then, the cryptocurrency has surged by over 30,000%. To be fair, Tesla is not the only company that accepts Bitcoin payment that does that.

Either way, you end up with a taxable transaction for your bitcoin. That means you’ll have to pay taxes on any gain above the amount you initially paid for the currency used in the purchase. This can add unexpected extra costs to your vehicle purchase when filing your tax return, so make sure to set money aside to pay for the taxes you’ll owe. You may find an individual willing to sell you their used car in exchange for bitcoin.

How to buy a car with cryptocurrency

The platform was established in 2018 and has since become one of the leading crypto-only e-commerce sites. Nissan has become a symbol of confidence and luxury on the road. The low-priced, high-value interior makes this car a little stylish. The dashboard is fully digital and is more popular for novice drivers. Maserati has a deep Italian descent, which is clear in its Italian style. Luxurious interior and high performance are aspects that no buyer can ignore.

  • The Exclusive Automotive Group is another high-end luxury car dealership in the US.
  • MotorCars of Atlanta is another luxury car dealership from Georgia that accepts Bitcoin as a form of payment.
  • The growing popularity of cryptocurrencies has prompted many to wonder, ‘Can you buy a car with Bitcoin?
  • The amazing part is that this model is with BTC price of 1.616 that is not that high.
  • For instance, we spotted a 1967 Austin-Healey 3000 Mkiii and a 1940 Ford Woody Wagon, – which are hard to find.
  • Still, cash seems to be the easiest way to get your hands on a new or used car for now.

People wanting to try one of the dealer’s cars can book a test drive. Post Oak Motor Cars accepts Bitcoin, so you will not have any problem paying for a new vehicle using crypto. The process itself does not take long, and all payments are settled by the dealer’s partner. The Stephen James dealership is a popular destination for all fans of BMW and MINI in the UK.

BitCars customers can purchase exotic and pricey automobiles from a range of manufacturers. Mercedes-Benz, Lamborghini, Ferrari, Bentley, Audi, Rolls-Royce, and Tesla are present. BitCars states clearly on its main site that it started selling Teslas for Bitcoin much earlier than Elon Musk.