Why Crypto Suits Car Buyers

  • David White
  • 06-Nov-2019

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 recognosed currency. HMRC announced last September that crypto gains need to be declared in end of year tax returns. And Bitcoin is one of many crypto currencies, others include Ethereum, Litecoin and BitcoinCash. With the levels of investment already in crypto currency 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 accept bitcoin over the counter, Microsoft accept 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 crypto currency. There was little point searching car portals to find a car as most of the dealers were not set up to accept bitcoin. But now, after finding autocoincars.com on a number 1 search for 'buy 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 thorugh autocoins 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 [email protected] for more info.

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