Since Bitcoin, Ethereum, and many more cryptocurrencies continue to trend, car companies have chosen to join in the trend. Several car companies have come to realize this as an opportunity to gain new clients. Many of these companies have integrated cryptocurrencies as a payment gateway to facilitate ease of payments and create a wider customer base.
Technology has evolved and continues to make life and living easy, better, and faster. Habits like the way we pay for things have changed. Unlike many years ago, when physical currencies were the only means of payments, users can now pay for products and services using digital currencies. While several digital currencies exist, Bitcoin stands out as the most popular. However, according to Paybis, with popularity comes high volatility and different bullish patterns.
Bitcoin price has changed over the years, moving from $1 to over $48,000. Despite the volatility of Bitcoin, its price is still unmatched in the cryptocurrency market. Interestingly, several car companies have driven the popularity of Bitcoin by allowing users to buy a car from them with digital coins.
If you’re in the cryptocurrency market and would love to get a car, here’s a list of car companies that accept crypto as payment.
BMW is a popular car company responsible for many of the fanciful and high-performing cars we see on the road today. It is a German multinational corporation that produces luxury automobiles, including cars and motorcycles. As cryptocurrency enthusiasts seek seamless means of purchasing luxury cars, car dealers seek ways to enter the cryptocurrency market. BMW car company is one of the many car companies accepting cryptocurrency exchange for their vehicles.
Another car dealing company that accepts cryptocurrency for their cars is CryptoExchange. However, beyond being a car dealer, this company also serves as a crypto exchange platform, and it is one you can trust. It also acts as an escrow service for users that need a third-party service for investing in cryptocurrency. CryptoExchange deals in 15 exotic car brands, including Ferrari, Aston Martin, Bentley, Bugatti, and Hummer. They accept both bitcoin and fiat currency for every car and car part it offers.
BitCar is a crypto-only platform that deals in premium and unique old cars. They are retailers for many of the known luxury car brands. The website is a blockchain-based platform; every transaction is entered on the blockchain for accountability and transparency. As such, you can purchase a car through a function known as ‘utility token.’ It gives access to multiple users to buy cars from dealerships and buy their way into ownership via peer-to-peer ‘utility token.’
Post Oak Dealership
Post-Oak Dealership is based in Texas and the first to accept Bitcoin, Ethereum, and other cryptocurrencies as payment for luxury car sales. This car company has partnered with BitPay to enable customers to buy vehicles using cryptocurrencies. As a result, the company has gone beyond Texas to accept deals from customers around the world. It affords better and more convenient payment for customers than most dealers.
E-Z Rent a Car
E-Z Rent a Car is among many car rental companies aiming to make car rentals easier and faster. By accepting Ethereum and other cryptocurrencies as payment methods, it is the go-to car brand for crypto enthusiasts. One of the major features of this car brand is the speed of cryptocurrency transactions. Now, you don’t have to worry about accessing a car when you are far away from home. With a simple transaction on your digital wallet, you can rent yourself a car.
Classic Recreation is an American car company that offers vehicles and car parts to a global audience. It is popular for its work in rebuilding and upgrading vintage Ford Mustangs. It is also one of the first custom car builders to adopt crypto payments for its vehicles. Like many others, Classic Recreation agrees that the cryptocurrency payment method is more secure. Hence, it allows safer transactions between the company and its customers. The speed of crypto transactions on this platform is a reason why you will want to transact with them.
Luxury Car Dealers
It is not surprising that many car dealers are beginning to accept cryptocurrency like Ethereum as a payment method, and one of such is Luxury Car Dealers. It is a car company located in Albany, New York, and accepts Bitcoin payments through BitPay.
Bitcoin enthusiasts in Ontario, Canada, can purchase cars from SASS. Group and pay with their coins. This dealership has an affiliation with top investors in the cryptocurrency market. With this partnership, this car brand can carry out fast and simple transactions. Also, the dealership has financing plans that let customers put a down payment in bitcoin. With a simple wallet-to-wallet transaction, any Canadian can own his car in minutes.
Until a few months ago, Tesla, an automobile company owned by Elon Musk, accepted crypto payments for their cars. The company once sold a Tesla worth $103,000, equivalent to 91.4 Bitcoins, in 2013 when the Bitcoin price was still low.
Though the news of Tesla stopping Bitcoin payments shocked the cryptocurrency market, the reasons are understandable. Elon Musk feels environmental changes need to be made to make bitcoin payments a more decent tradeoff. This may be disappointing to Tesla lovers, but there is the hope of a favorable change in the future.
Will There Be More?
There are currently more car companies, both big and small, considering the possibility of accepting cryptocurrency for purchases. It is expected that more dealers will adopt this payment scheme as the Bitcoin price rises.
The number of car dealers adopting bitcoin payments continues to grow. We may not know what the future holds for crypto payments, but we believe this is more than a trend. If truly cryptocurrencies are the future of money, we should expect to see more car companies integrating crypto payments.