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Cryptocurrency Attracts Car Buyers: Here are Some Interesting Facts

  • 14-Sep-2020

Bitcoins and Car Buying - What's The Attraction?

Bitcoin has been around for over 10 years now. That will shock a few people. It is legal and is a recognized currency. HMRC announced last September that crypto gains need to be declared at the end of year tax returns. And Bitcoin is one of many cryptocurrencies, others include Ethereum, Litecoin, and BitcoinCash. With the levels of investment already in cryptocurrency, it is here to stay. Indeed the major banks are looking at ways to use blockchain and crypto themselves.

Early investors in bitcoin made an absolute fortune. But the volatility of its price means that many people are still making huge sums of money from trading crypto. Many high net worth individuals invested in crypto as part of their investment portfolio and are sat on small fortunes. Many day traders have a number of bitcoins in their digital wallets. But to date, it has been very hard to actually use crypto to purchase tangible assets. This changed last year as a few retailers started to accept bitcoin. Starbucks USA accepts bitcoin over the counter, Microsoft accepts crypto and the list is growing rapidly.

So Why Are Car Buyers Interested in Using Crypto?

Using crypto to buy a car makes a lot of sense. Investors and traders in crypto (estimated at some 4 million people in the UK alone) are sat on huge sums of money and being able to use it to buy a car ticks many boxes. As crypto is anonymous, high net worth individuals are able to discreetly buy cars, either day to day BMW's, high performance and luxury cars, or classics for investment.

However, up until recently, the challenge has been to find car dealers that accept cryptocurrency. There was little point in searching car portals to find a car as most of the dealers were not set up to accept bitcoin. But now, after finding on a number 1 search for 'buy a car with bitcoin' they can actually choose the car that they want. 

Why Are Car Dealers Interested in Accepting Crypto?

Crypto-related car sales are 'extra' sales. Would these sales arise if the buyers were not using crypto? Probably not. So dealers have the opportunity to sell extra cars. But also, crypto buyers are relatively easy clients to deal with. Having found an opportunity to spend their crypto on luxury items appeals, and they have limited choice as to where they can spend their crypto. 

For the dealer, there is no risk. The cars are paid for in crypto, converted through auto coins regulated exchange and the dealer is paid out in Sterling before the car is released. Hassle-free additional sales. 

Whilst this is a relatively new phenomena, cars are being sold and paid for by crypto daily. The Internet was new some 20 years ago and look where we are now. So, forward-thinking car dealers are maximising the opportunity and cashing in. 

Interested in advertising your car stock to crypto buyers? Contact us for more info.


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