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Author Topic: Buying a new car (or ?) with Bitcoin….  (Read 698 times)
Gear-Head
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November 20, 2015, 04:44:53 PM
 #1

Hello all.

I am coming to the bit coin phenomenon a bit late, circa late 2013.  I can see how this is a revolutionary technology and in some how, some way, it will change finance.  I think we can still be considered "early-mid adopters".

Anyway, regardless of where the price is (or going to be), imagine a price per bit coin or alt coin at $5,000/coin; and We have five coins.  If you discount price and the argument for now of whether we should hang on to them as they will 'go to the moon', You want to buy a $25,000 car with your bit coin and nothing else.

So You walk into a dealer, pick the car negotiate the price ($25,000), and You tell them You don't want to pay in cash or finance, You want to pay in Bitcoin.  They look at you like you are from Mars, and tell You they don't take bit coin and back off from otherwise a legitimate sale.  You expect this, and say each coin is worth $5,000, You have 5 of them, and it can happen in 5 minutes.  Let me show You some financial services on the Internet where You could sell me this car by taking bit coin….

How would one go about getting them to immediately adopt bit coin so as to not lose the sale?  Obviously, the owner/finance folks would have to see that they could have fiat deposited into their account as fast or close to current methods. 

Would a one liner like "if You go to BitPay (?) and sign up, You would have your fiat today or tomorrow?  It seems to me that the "belief  and adoption curve" is fairly steep, and unless the adoption and awareness becomes acute, it will be a difficult if not a very long process, for a significant purchase like the example above.  Are there services like this now?  Because if there were, I think it would help get bit coin traction moving into a meaningful adoption curve.
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November 20, 2015, 04:50:34 PM
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You can buy a lambo with bitcoin currently. It wont be far when toyotas and other shitty cars will start accepting bitcoin as well. This would happen due to the massive inflation that is going on currently. Bitcoin would be seen as a alternative to the ever expanding monetary supply.

However first change is going to happen to local dealers and that would snowball to the big dealerships. However buying food and other essential stuff with bitcoins would be far bigger accomplishment in my opinion.
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November 20, 2015, 04:51:22 PM
 #3

Besides BitPay integrated car dealers, there's a site called BitPremier and you can buy high-end cars with your Bitcoin.
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November 20, 2015, 05:48:56 PM
 #4

Besides BitPay integrated car dealers, there's a site called BitPremier and you can buy high-end cars with your Bitcoin.

That's a nice deal actually, and afaik Teslas can be bought with bitcoin (correct me if I'm wrong, I just read an article about a guy who bought a Tesla with butcoin.)

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November 20, 2015, 06:00:25 PM
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You can buy a whole range of used cars with Bitcoin at coinmotors. I don't know how their payment system works. I think they must use a service like Bitpay to convert the Bitcoins to fiat.

http://coinmotors.com/

edit]

I checked their website, and it doesn't load, you land in a directory full of files. That's extremely unprofessional of them. Maybe it's a failed Bitcoin venture, their bitcointalk thread is very old but only has a few posts in.

https://bitcointalk.org/index.php?topic=357877.0
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November 20, 2015, 07:04:16 PM
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You can buy a whole range of used cars with Bitcoin at coinmotors. I don't know how their payment system works. I think they must use a service like Bitpay to convert the Bitcoins to fiat.

http://coinmotors.com/

edit]

I checked their website, and it doesn't load, you land in a directory full of files. That's extremely unprofessional of them. Maybe it's a failed Bitcoin venture, their bitcointalk thread is very old but only has a few posts in.

https://bitcointalk.org/index.php?topic=357877.0

I'm actually looking for car dealers that sell used cars (preferably '97-'98 models with stock parts) and accepts bitcoin as a form of payment. I'm a fan if such car styles and would be glad to get one if there exists a service. Unfortunately, only luxury cars can be bought with bitcoin as of the moment. :/ Hard to convince car dealers to accept bitcoin no matter how hard you mention the things they can do to convert it to fiat. It just takes too much effort on their part, too.

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November 20, 2015, 07:09:00 PM
 #7

I am pretty sure that when Bitcoin gets to the price of $5,000 you won't need to look to much to find a dealership that is accepting Bitcoin as a former of payment. Trust me!

I am not saying that all of them will be accepting it, but at least 50% in my opinion will have a Bitcoin as payment option easily!
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November 21, 2015, 01:28:38 AM
 #8

Why buy a car with BTC? If you ever sell it again you probably won't sell in BTC, you'll sell up in fiat. Your money will most likely be a better way of purchasing this car, IMO.

Why would you risk your BTC for something like that?


 
 
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gentlemand
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November 21, 2015, 02:17:40 AM
 #9

Send them to Bitpay or Coinbase. It's not a huge amount of skin off their nose and it might get them future sales. Buying a depreciating asset with one which might yet have a vast amount of growth ahead of it is a truly dismal idea though.

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November 21, 2015, 04:18:14 AM
 #10

I don't think the owner will give you keys as people fear to accept new things like bitcoin without knowing about it. And only knowing price of bitcoin i don't think they will get convinced.

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JITENDERPAR
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November 21, 2015, 04:24:18 AM
 #11

buying a car using digital currency is a new opportunity for the more and more use of bitcoines .
with the use of btc to buy car will be best option to spend btc by by bitcoine users .
but there can be problem that if we want sell our car after use we can't get btc at its best price.
but if this scheme is starts then the future of bitcoins will be appeared as a great digital currency . and this will tends to increase the use of btc

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November 21, 2015, 11:01:35 AM
 #12

why not..
lets wit for five or ten year later,i wish bitcoin more popular,and mass adopted by all country. not just car,you may can buy anything with bitcoin,or maybe you can life with bitcoin,without money in your pocket,without credit card on your wallet.
i wish i can buy villa with bitcoin,lets dream it,and why not?  Cool

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November 21, 2015, 11:08:49 AM
 #13

with bitcoin you can go as much anonymous as possible, you can buy an used car face to face and after the car is revised you simply send to the owner the payment with escrow if you want

there was a chinese selling his tesla, but for a very high price
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November 21, 2015, 11:12:38 AM
 #14

I'm not sure if the business could set up their accounts with bitpay in 5 minutes and be ready to accept your coins.

Probably best to make a deal to come back the next day if they have the stuff in order.

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November 21, 2015, 11:19:12 AM
 #15

-snip-

I am coming to the bit coin phenomenon a bit late, circa late 2013.  I can see how this is a revolutionary technology and in some how, some way, it will change finance.  I think we can still be considered "early-mid adopters".

-snip-
No, this can't be said now. We need time to be able to tell if we are still mid-adopters. It depends on the future price. Bitcoin may never reach that mythical "moon" value after all.
And price from late 2013 could be the higher price from the history of bitcoin as far as we know.

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