Buying cars with crypto

[Balmain]

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.

[NewRanger]

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.

Yes, I've heard of it. As taufik123 said, in our country, this isn't yet possible because we're still bound by the law that legal tender for buying and selling cars is still using currencies specified in regulations, and buying a car with crypto isn't yet possible. However, it will be interesting to see if there will be changes and regulations regarding this in the future if the government changes its view and allows trading.

Even if we really want to buy, the most we can do is withdraw the assets and convert them to fiat currency. Otherwise, there's no other way that's legally valid, legitimate ownership, and won't cause problems when processing vehicle documents later.

[wiss19]

I can find a few dealers accepting bitcoins or cryptos as a payment mode but those dealers mostly deal with used cars. I don't think showrooms will think about integrating bitcoins as a payment method because of taxation as you said but used car dealers will always have this option because they can even save some on tax if they are dealing completely in bitcoins.

I would love buying a car with bitcoins but not a new car because I will need to show that as an expense on my balance sheet and I can't show such a big sum in bitcoins at the year end report. But I can always hide a transaction made to purchase a used car and I might not even have to show it on my year end report. I do see some local dealers interested in accepting bitcoins as a payment method but they are hesitant to accept 100% payment in cryptos. They will ask for a partial payment in fiat and remaining can be done in cryptos which will still be fine for me.

[abaeze]

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.

[ultrloa]

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.

Volatile aspects and availability would provably make it feel tricky for beginners that's why I think its not good to use for doing this kind of transaction. If they deal with Bitcoin directly maybe its good because we know how reliable Bitcoin is.

But to be honest I don't want to deal using this coins if I buy something like physical asset since for me I use that coins for investment.

That's why I want to use fiat all the time to avoid losing available funds to spend and will not get any further issues dealing with crypto on car dealers.

[Abiky]

I don't understand what you mean by large scale, but some big brands & dealers are already accepting payments using cryptocurrencies nowadays.

1. Ferrari (Car Brand)
Accepted crypto: Bitcoin (BTC), Ethereum (ETH), USDC (USDC)

2. BMW Dealerships, Bitcars, Ferris, Lamborghini Newport Beach, Post Oak Motors, Carriage Nissan & Stephen James (Dealer)
Accepted crypto: Various coins & tokens

3. Alki Motor Cars (Dealer)
Accepted crypto: Bitcoin (BTC) & Ethereum (ETH)

Cool. But these are luxury car brands. What about the others? Rich people aren't the only crypto users around. If dealerships of common brands (Ford, Toyota, Dodge, Nissan, Mitsubishi, etc) begin accepting crypto payments, that would be a true game changer. Tesla, while not a common brand (more like a mid-range brand), accepts Dogecoin payments. It did accept BTC before Elon changed its mind about it.

I understand that the volatile nature of crypto, makes car dealers think twice before accepting it as payment method. But with things like stablecoins and centralized payment processors (which immediately convert crypto to Fiat), this should no longer be a problem. Who knows? Maybe things will improve in the future. One can only hope.


P.S. By "large scale", I mean accepting crypto payments in-mass. Like every car dealership accepting it as payment method.

[Emitdama]

As taufik123 said, in our country, this isn't yet possible because we're still bound by the law that legal tender for buying and selling cars is still using currencies specified in regulations, and buying a car with crypto isn't yet possible. However, it will be interesting to see if there will be changes and regulations regarding this in the future if the government changes its view and allows trading.

Even if we really want to buy, the most we can do is withdraw the assets and convert them to fiat currency. Otherwise, there's no other way that's legally valid, legitimate ownership, and won't cause problems when processing vehicle documents later.

The only way we can buy a car with cryptos in your country will be when cryptos are accepted as a legal payment mode or are regulated in your country. This might take years but is not impossible. We can surely see a few dealers in future who will accept cryptos to sell a car. The amount to purchase a car is often big and that brings attention from the governments.

We can easily avoid paying tax when it comes to cryptos and this is a big no-no for the government agencies. If they find a way to tax all crypto transactions will be the time we can spend cryptos for these big purchases. As of now, the only option I can think about is to buy the car from a country which support cryptos so we can make the payment in cryptos but this will again bring heavy import duties which needs to be paid in fiat.

[fikrett]

Do you think govs will allow these juicy creams go away from them because you have crypto on you? I don't think so.

[Z390]

It is very possible to accept crypto or stable coin as means of settling car deals, do you not know the headaches involved in paying big amount of money using Fiat? A smart car dealer will consider this idea and I have been offered such before.
In my country the car dealer I knew is not even living here but in the US, his job is to fetch for cars and send them down to my country for him manager to sell, my cousin who needed a car back then was offered the option to pay in USDT if he can because he complained about the daily limit on his bank account.
He would have used the option but at that time he was holding Bitcoin and he doesn't want to spend it, I had to use my bank account to complete the money up for him and he refunded me the next day, but I knew the idea was so cool that I praised the car dealer himself on that day, it still rings a bell in my head, it is something I can't forget easily.

[Jegileman]

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.

With the rate of cryptocurrency adoption in businesses, I think it should have circulated to some regions where car dealers are already accepting cryptocurrency, and not maybe Bitcoin for payment for purchase of cars. People with Bitcoin may likely want to have their coins converted to stable coins for easy conversion rate to fiat in order to sell to pay money to the sellers, this is fine as long as crypto is being used as the payment gateway. I know it will be a matter of small time where cryptocurrencies will be used in almost every sector for payment of goods and services. It is getting the mass adoption it needs and that’s what will trigger the possibility of it happening.

[passwordnow]

But to be honest I don't want to deal using this coins if I buy something like physical asset since for me I use that coins for investment.

That's why I want to use fiat all the time to avoid losing available funds to spend and will not get any further issues dealing with crypto on car dealers.

I think we're the same but in the end, I still use the accumulated crypto for those funds that I need and spending that needs to be filled. As much as I want to experience purchasing a car with crypto, maybe in the next bull runs when the price of Bitcoin gets so high that I can avail a car that I might just like and not need at all. Because at these moments, I only spend for things that I need and not for the wants. While transport and commute is not a hassle to me and having a car seems to be a luxury. But if time permits me to do that, I think maybe in the next cycle or two.

[Josefjix]

Do you think govs will allow these juicy creams go away from them because you have crypto on you? I don't think so.

They should, who never wants to get some quantity of Bitcoin and stack them many as possible in their portfolio, that's the realest step the gov will certainly take to be fully loaded with the gigs and get themselves ready for financial authority.

[Abiky]

The only way we can buy a car with cryptos in your country will be when cryptos are accepted as a legal payment mode or are regulated in your country. This might take years but is not impossible. We can surely see a few dealers in future who will accept cryptos to sell a car. The amount to purchase a car is often big and that brings attention from the governments.

We can easily avoid paying tax when it comes to cryptos and this is a big no-no for the government agencies. If they find a way to tax all crypto transactions will be the time we can spend cryptos for these big purchases. As of now, the only option I can think about is to buy the car from a country which support cryptos so we can make the payment in cryptos but this will again bring heavy import duties which needs to be paid in fiat.

You mean crypto being accepted as legal tender? At least in the US, any currency can be accepted as payment method (including foreign ones) as long as taxes are paid in the end. Not sure about other countries, though. By my understanding, legal tender means the mandatory acceptance of a currency for all debts public and private. Or a currency that's considered "official" for the payment of goods and/or services.

Perhaps, a place like El Salvador would be a great way to purchase any car with crypto. In developed countries, it's going to take a lot longer than usual. With legislation currently in favor of crypto (most countries), I'm sure most car dealers will accept crypto as payment method. It should only be a matter of time before this happens.

[savetheFORUM]

With the rate of cryptocurrency adoption in businesses, I think it should have circulated to some regions where car dealers are already accepting cryptocurrency, and not maybe Bitcoin for payment for purchase of cars. People with Bitcoin may likely want to have their coins converted to stable coins for easy conversion rate to fiat in order to sell to pay money to the sellers, this is fine as long as crypto is being used as the payment gateway. I know it will be a matter of small time where cryptocurrencies will be used in almost every sector for payment of goods and services. It is getting the mass adoption it needs and that’s what will trigger the possibility of it happening.

I don't think new car dealers might be accepting bitcoins because of the taxation but those dealing with used cars might already be dealing with bitcoins as it can even help them save on taxes. Mostly these used car owners are also investors and they love investing in assets like bitcoins or even stocks so they might just look towards it as an investment opportunity. Also individual sellers can accept bitcoins to sell their car.

Even I was thinking in between to sell my car for bitcoins but it was quite difficult for me to find a suitable buyer so I ended up selling it for fiat and purchase bitcoins with half of the amount so I can hold the amounts as an secure form of investment. When mass adoption wave comes, it will be much easier for individual sellers to sell their coin for cryptos. At least they will not have to struggle the way I did. Using cryptos to purchase a car is like a dream to me.

[coin-investor]

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 don’t know if it’s going to happen here in our country, it’s going to be a long shot, Bitcoin may not be the preferred choice if one dealer offers Cryptocurrency as payment.
Stablecoins are the best choice; no dealer will want a crypto payment that could go down at any time in the event of a crash or dump.
So it’s going to be stablecoins. I like to see this happen in our country; this is a car-loving country

[beveryu778]

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.

One can purchase cars using crypto, but most people will not do this in the near future since governments dislike large, difficult to trace payments that do not have any records of payment in the form of taxes.

It is rather uncommon as some car dealers are ready to accept Bitcoin, yet the price can vary significantly, and the rules are not clear.

Large purchases are more suited to stablecoins since their value remains constant and companies are also easier to monitor.

I believe that, in the future, the number of individuals utilizing crypto will increase, however, this will be conditional upon more transparent regulations and increased confidence in using it by companies.

[Ishicryptic]

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 don't understand what you mean by large scale, but some big brands & dealers are already accepting payments using cryptocurrencies nowadays.

1. Ferrari (Car Brand)
Accepted crypto: Bitcoin (BTC), Ethereum (ETH), USDC (USDC)

2. BMW Dealerships, Bitcars, Ferris, Lamborghini Newport Beach, Post Oak Motors, Carriage Nissan & Stephen James (Dealer)
Accepted crypto: Various coins & tokens

3. Alki Motor Cars (Dealer)
Accepted crypto: Bitcoin (BTC) & Ethereum (ETH)

Thanks for this information, it's good to know Incase when I can afford to buy any of the luxury cars, car dealers wants to make sales and cryptocurrency like Bitcoin has reputation as a currency so they won't mind accepting it. I believe one of the biggest setback why smaller car dealerships don't accept Bitcoin is because it's volatile, if they need to make turnover they won't like the coin to dip on them. In the future I see many businesses being crypto friendly, some will accept cryptocurrency so that they can make sales then immediately convert it to stablecoins so it won't dip on them.

[Hispo]

I am pretty sure there are already some car businesses which allow their clients to get their cars with popular cryptocurrencies, like Bitcoin, bing Tesla the most famous case. However, I personally doubt it will become and very widespread practice in this industry, as it would be more difficult for the government to track and keep checked all transactions involving those assets, for the sake of taxation.
It is more simple for the government if people use their official FIAT and track their personal losses and earnings on a spreadsheet.

No need to say, there are very hard interest by the government for people not to abandon FIAT.

[bitgolden]

Do you think govs will allow these juicy creams go away from them because you have crypto on you? I don't think so.

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.

[Jostern]

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 don’t think it’s a situation of someday but I think most people are already dealing with cryptocurrency for car dealing payments, and that would be a very good development demanding on wether the buyer is a trusted and reliable dealer, and some people might get scammed along the way which is why people should also be careful when they are dealing with cryptocurrency transactions when doing car businesses, which is why I think if people are sure of accepting bitcoin payments and most of all this other cryptocurrencies like USDT and ETH which are very popular and it also depends on what Cryptocurrency the dealer would possibly accept.