Buying cars with crypto

[Amankwaa.eth]

well i have a car dealerhsip in ghana and i accept crypto ,i have sold 15 cars by accepting crypto including G wagon and most luxury cars .

[Odusko]

well i have a car dealerhsip in ghana and i accept crypto ,i have sold 15 cars by accepting crypto including G wagon and most luxury cars .

I have seen many car dealers here in my country accepting Bitcoin and USDT or other known cryptocurrencies, this is not new and have been around for a while now, even in countries where crypto is not fully legalize we have some car dealers who still accept Bitcoin and crypto as payment in proxy, although this have a lot to do with trust in the end and only special customers get such treatments from the dealers shop.

[0x000369]

dude that sounds epic walking into a dealer and just sending btc for a new ride no banks no hassle but govs gonna freak over taxes and tracking big spends on chain

ive heard ferrari and some lambo spots take btc eth or usdc already but for everyday stuff like toyotas or fords its rare most dealers want stablecoins cuz btc can dump 10% right after you pay and theyre stuck holding the bag usdc keeps it steady like fiat so no risk for them plus easier for taxes since its pegged

tesla tried it with btc then switched to doge but who knows if peeps actually use that elon probs just memeing

bet in a few years more spots jump on especially with payment gateways converting straight to cash what you think stablecoins win or nah

[Dunamisx]

I know it sounds crazy, but wouldn't it be great to just go to a dealership and buy a car with your crypto (particularly, Bitcoin)? Not sure how governments will react to this, especially if a large payment is made through a decentralized Blockchain network. And don't let me get started on the taxes.

This is very possible, that we make payments in bitcoin for buying cars, but the seller must also be willing to buy or accept the payment in cryptocurrency, while talking of the government task, this could be more possible when we are buying cars from within our country and not when the international trade is involved, because after paying in bitcoin to buy your car from the seller, government will collect their levy in form of tax from the port through which the car is imported.

[Stormisover]

In some countries, paying with cryptocurrency, let alone buying a car, is completely banned. I've heard of Teslas being sold with Dogecoin. I think more examples will follow, and other car companies will engage in similar sales. I believe that some countries will eventually revise these cryptocurrency laws and allow trading. I hope so.

Of course yes and I hope so too it is only going to be a thing of time , for most countries has come to that realization of encouraging digital currency adoption and usage while some other countries are still struggling with such acceptance wholeheartedly without sentiments, personally we can't belittle our own means of using cryptocurrency and thinks others are not using it in a way higher than we are, not only car companies will follow this remember that one of the function of cryptocurrency is that it allows a borderless transaction making life easier.

[Frankolala]

I know it sounds crazy, but wouldn't it be great to just go to a dealership and buy a car with your crypto (particularly, Bitcoin)? Not sure how governments will react to this, especially if a large payment is made through a decentralized Blockchain network. And don't let me get started on the taxes.

Do you think someday we'll see dealerships accepting crypto payments at a large scale? Or is it still too early to tell? Would stablecoins be a better choice than crypto for this kind of transaction? Your input would be greatly appreciated. Thank you.

I know that I have heard or read news about car dealers accepting both bitcoin and other cryptocurrency like Etherum for an alternative payment option when you want to purchase a car. Luxury and Supercar Dealer accepts crypto payments. They deal of expensive cars like Lambo, Ferrari. They are many up to 25 car dealers. You can read from the link below to see these companies.

https://makeanapplike.com/car-dealers-that-accept-cryptocurrency/

[Emitdama]

Of course yes and I hope so too it is only going to be a thing of time , for most countries has come to that realization of encouraging digital currency adoption and usage while some other countries are still struggling with such acceptance wholeheartedly without sentiments, personally we can't belittle our own means of using cryptocurrency and thinks others are not using it in a way higher than we are, not only car companies will follow this remember that one of the function of cryptocurrency is that it allows a borderless transaction making life easier.

I would say digital currency has reformed the future of banking or finances. But digital currency does not only necessarily include bitcoins or cryptos here. Even fiat has taken a turn into the digitalized world and now we see that transacting fiat is just a few clicks away and can be done from any corner of the globe. Making fiat payments has too turned out to be much easier and convenient nowadays and this is not only a situation is one or two countries but almost all countries now have some or other form of digital payment method.

When it comes to cryptos, it will still take some time until cryptos can be integrated with legal payment means which will restrict most of us from buying cars directly using our crypto. Yes, in some countries it might be possible but mass adaption will take a few more years.

[Abiky]

I think government too can support this if taxation is in place. They will not care if fiat is used or cryptos to make the payment until and unless they get the taxed amount on that car. As long as the government benefits out of this, they will be okay to use crypto but only in countries where cryptos are accepted as a legal payment method. I am talking about countries like Dubai or El Salvador. Other countries where bitcoins are not yet recognized as a legal mean of payment, using cryptos to make a purchase can remain a myth.

This can only be changed if major countries start recognizing cryptos as a legal mean of payment so developing countries can follow their footsteps and this will turn buying a car with cryptos into a reality.

The most challenging part would be getting the masses to pay with crypto at their local car dealership. Not everyone feels comfortable using crypto as digital cash. Especially when we're talking about crypto's highly-volatile nature. Stablecoins are much more practical for this. If crypto were to be accepted in-mass by car dealerships, payments would have to go through a centralized payment processor for KYC-compliance and easier taxation. The crypto spent by the customer would be immediately converted into Fiat "on the fly". No worries about volatility on the merchant's end.

As for direct crypto payments, I'd say it's a long shot. Not that it's impossible, but it would be much harder to collect and keep track of taxes this way. Governments will probably encourage car dealerships to accept crypto only through centralized payment processors. Either way, this benefits the whole crypto economy. Who knows what the future will bring?

[philipma1957]

I know it sounds crazy, but wouldn't it be great to just go to a dealership and buy a car with your crypto (particularly, Bitcoin)? Not sure how governments will react to this, especially if a large payment is made through a decentralized Blockchain network. And don't let me get started on the taxes.

Do you think someday we'll see dealerships accepting crypto payments at a large scale? Or is it still too early to tell? Would stablecoins be a better choice than crypto for this kind of transaction? Your input would be greatly appreciated. Thank you.

It is a fantasy with the 10 year record that btc has no one in their right mind will spend half a coin to get a car.

2009 to 2019. About 1 cent or less to at least 4k
2010 to 2020 about 10 cents or less to at least 4k
2011 to  2021 about 1 dollar to at least 28k
2012 to 2022 about 6 dollars to at least 16k
2013 to 2023 about 20 dollars to at least 16k
2014 to 2024 about 100 dollars to at least 35k
2015 to 2025 about 300 dollars to at  least 74k

So why spend 0.5 btc today to get my Hyundai sonata hybrid (with lots of whistles and bells)

In ten years the car is Next to worthless and the btc could be 1 million dollars

[lixer]

I know it sounds crazy, but wouldn't it be great to just go to a dealership and buy a car with your crypto (particularly, Bitcoin)? Not sure how governments will react to this, especially if a large payment is made through a decentralized Blockchain network. And don't let me get started on the taxes.

This is very possible, that we make payments in bitcoin for buying cars, but the seller must also be willing to buy or accept the payment in cryptocurrency, while talking of the government task, this could be more possible when we are buying cars from within our country and not when the international trade is involved, because after paying in bitcoin to buy your car from the seller, government will collect their levy in form of tax from the port through which the car is imported.

Importing car will be much easier with cryptos is what I think. We can make the payment to purchase the car in cryptos while the tax to be paid at the port can be in fiat which should be anywhere between 10% to 30% of the actual car value. We can play around here with the actual car value as the transaction was made with cryptos which can not be considered as a legal mean of pricing the asset so we can list the car much cheaper than the actual price.

Also in some countries, cars are really cheap so importing cars from those countries can be a nice option as those countries will certainly have some or the other dealer who will deal with cryptos. The legalities here might be time consuming and you might have to spend some cash under the table as well to make this happen.

[M47AK16]

I know it sounds crazy, but wouldn't it be great to just go to a dealership and buy a car with your crypto (particularly, Bitcoin)? Not sure how governments will react to this, especially if a large payment is made through a decentralized Blockchain network. And don't let me get started on the taxes.

Do you think someday we'll see dealerships accepting crypto payments at a large scale? Or is it still too early to tell? Would stablecoins be a better choice than crypto for this kind of transaction?

While it is true that people can buy cars with crypto in certain places, I would still not prefer to make big purchases with bitcoin. Not for anything scary, like sending to wrong address or whatever, that's not a problem for me, but for me it is more about being sad about buying something directly with crypto, I just check how much it would have been after a while and feel sad.

Like I once bought a car with crypto income, but I cashed it out to fiat first, so to me or at least to my mind, I compare it in fiat, this is how much I paid, and because of inflation, I paid very small for it when I look back. But in reality, if I look back on how much bitcoin I cashed out for it, I would be very upset, because I can buy 8 same cars with it now.

[Abiky]

It is a fantasy with the 10 year record that btc has no one in their right mind will spend half a coin to get a car.

2009 to 2019. About 1 cent or less to at least 4k
2010 to 2020 about 10 cents or less to at least 4k
2011 to  2021 about 1 dollar to at least 28k
2012 to 2022 about 6 dollars to at least 16k
2013 to 2023 about 20 dollars to at least 16k
2014 to 2024 about 100 dollars to at least 35k
2015 to 2025 about 300 dollars to at  least 74k

So why spend 0.5 btc today to get my Hyundai sonata hybrid (with lots of whistles and bells)

In ten years the car is Next to worthless and the btc could be 1 million dollars

This only makes sense if you constantly determine Bitcoin's value relative to Fiat. But I've learned that 1 Bitcoin = 1 Bitcoin no matter what. In an ideal world, Bitcoin would be used as a standard unit of account for other currencies. Like everything valued in satoshis instead of US Dollars or Euros. But I understand that most people consider BTC as an investment rather than a real currency for day-to-day payments. It's probably because of mainstream media's propaganda towards Bitcoin. There's nothing we can do to change that. Not with institutional investors (aka Wall Street) in the game.

Perhaps, the only way BTC would be accepted as payment for cars would be through a centralized payment processor which converts BTC to Fiat "on the fly". At least, it's better something than nothing.

[barbara44]

Buying a car with crypto may seem a bit crazy to beginners, but it is not for experienced people, it is already happening in reality, it is just not mainstream yet and not accepting my country too . Dealerships in America, Europe, Dubai and some developed countries of the world already accept Bitcoin and in some such regions some dealerships directly accept BTC or USDT/USDC. In most cases they use processors like Binance Pay, BitPay. As a result, the dealership does not actually hold the crypto directly but after receiving the payment they convert it into FIAT. This protects the dealership from the risk of price volatility.

The dealership might still need to bear some loss when it comes to transaction fees and extra staffing which will take care of the crypto transactions. They will still prefer fiat or might prefer crypto only if they charge a convenience fee which can pay-off the staffing and the required fees to convert cryptos to fiat.

Also these dealerships are selling the cryptos instantly so it might also create selling pressure right? The amount here will be big and imagine if the dealership is able to see 10 cars every week with cryptos, they will be responsible for selling a big amount which can even dump the price momentarily.

Buying car with cryptos has been practiced for a few years now but I did not see much dealerships interested in accepting cryptos. Usually I have seen individual sellers who are ready to accept cryptos to sell their pre-owned car.

[The Sceptical Chymist]

I know it sounds crazy, but wouldn't it be great to just go to a dealership and buy a car with your crypto (particularly, Bitcoin)? Not sure how governments will react to this, especially if a large payment is made through a decentralized Blockchain network. And don't let me get started on the taxes.

How the government would react would be to have their agent in a black suit and fedora sidle up to you in the dealership as you've got your smartphone in hand ready to transfer bitcoin and say, "Hey, where'd you get dat bitcoin?".  Or some other variation of that.  

Either way, I myself don't like automobiles but did like the idea of buying a bicycle with bitcoin some years ago (never did happen).  However, since then things have changed a lot with respect to cryptocurrency, and on top of that there's also potentially a huge opportunity cost involved if you're buying something expensive with bitcoin, i.e., the bitcoin you spent could skyrocket while the car you own is a depreciating asset which is never going to go up in value if you're driving it daily and assuming you didn't buy a Maserati to keep in your climate controlled garage.  

When I made that thread in March 2020, bitcoin hadn't yet hit $10k if I'm not mistaken.  If I'd spent $5k on an e-bike using bitcoin then instead of holding onto the coins, well...

Nice to see some folks are still talking about using bitcoin as money these days.  Seems like the focus has changed a lot since I joined the forum.

Edit:  Well, you can tell I did not read this thread before posting, as philipma1957 pointed out the difference between a depreciating/appreciating asset, and I should have known.  Doh!!

[uneng]

In large scale it's not likely to happen, but it's totally possible few dealers start accepting crypto as payment method for cars in some places, especially for fancy and luxurious cars, which are usually used for money laundering reasons... Another possibility is that you have a so broken country that people have to start dealing with Bitcoin for everything, instead of the local currency, so at some point people will be negotiating cars through BTC currency.

[finaleshot2016]

That's a game changer tbh.

The main problem here in my country is taxes, a lot of unnecessary taxes made by the government and people really wanted to avoid it as long as possible because there's no use to it. There's no benefit and point of paying taxes, there's no innovation, no development and even health care system is trash.

I think it'll be good generally if majority are now accepting crypto, they will definitely get shocked once transactions are being made through crypto. Especially a certain corrupt politician wants to buy a luxurious car, they will definitely do it in crypto. lol

[GeorgeJohn]

I know it sounds crazy, but wouldn't it be great to just go to a dealership and buy a car with your crypto (particularly, Bitcoin)? Not sure how governments will react to this, f transaction? Your input would be greatly appreciated. Thank you.

It is possible to purchase a car with Bitcoin... there are some dealers that accept cryptocurrency as a means of payment.. when such transactions is been, it is between you and the dealer..... government will it only take their tax from dealer as a regular tax they collected whenever transaction with a Fiat currency is been made.... so what I'm saying in nutshell, is that governments can't because of transaction is been done with cryptocurrency and increase their tax fees, in summary, it's obvious that you can purchase anything you want with cryptocurrency especially Bitcoin, and that can take place if only you agree or a proper arrangement is been made between you and seller or recipients.

[Kavelj22]

I think it'll be good generally if majority are now accepting crypto, they will definitely get shocked once transactions are being made through crypto. Especially a certain corrupt politician wants to buy a luxurious car, they will definitely do it in crypto. lol

It's not likely to happen at anytime soon. In extreme cases, the country that adopt crypto payments for significant things like cars or real estate, should have its technological infrastructure built and solid enough to monitor transactions. And this is against the protocol of crypto technology itself.

[Abiky]

That's a game changer tbh.

The main problem here in my country is taxes, a lot of unnecessary taxes made by the government and people really wanted to avoid it as long as possible because there's no use to it. There's no benefit and point of paying taxes, there's no innovation, no development and even health care system is trash.

I think it'll be good generally if majority are now accepting crypto, they will definitely get shocked once transactions are being made through crypto. Especially a certain corrupt politician wants to buy a luxurious car, they will definitely do it in crypto. lol

I seriously doubt a corrupt politician wants to buy a luxurious car with Bitcoin. Especially when BTC transactions leave a trail on the Blockchain. Everything is visible on the public ledger. Cash would be a much better choice, imo. Privacy coins could work, but only if the dealership or second-hand car owner is willing to accept them as payment method.

I've read that many luxurious car brands are accepting Dogecoin as payment method. Who would've thought a cryptocurrency designed as a "joke" ended up being used seriously by many people worldwide? With most cryptos now getting fast and cheap transactions, paying for a car in a "cashless" manner would be as easy as pie. I bet stablecoins will be the first in line to be accepted by car dealerships worldwide. Don't you think?

[virasog]

Buying a car with crypto may seem a bit crazy to beginners, but it is not for experienced people, it is already happening in reality, it is just not mainstream yet and not accepting my country too . Dealerships in America, Europe, Dubai and some developed countries of the world already accept Bitcoin and in some such regions some dealerships directly accept BTC or USDT/USDC. In most cases they use processors like Binance Pay, BitPay. As a result, the dealership does not actually hold the crypto directly but after receiving the payment they convert it into FIAT. This protects the dealership from the risk of price volatility.

Buying cars with bitcoin isn't possible in most part of the world. The reason is that not many popular cars brand accept cryptocurrency at the moment, however this may change in next 5 to 10 years.

Secondly the car dealers also wouldn't accept crypto because first they don't want to accept the currency which isn't legal everywhere and also since bitcoin price is volatile, if one get BTC for car and then the BTC dumps, it may cause significant damage to the one who accepts bitcoin.