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Bitcoin is one of the top cryptocurrencies that are popular in the world of digital currency. Bitcoin is the most popular digital asset, and many big companies around the world are accepting it as a legal payment method. Bitcoin has been used in the digital market for over a decade. Their main focus is to change the way they spend and store money. They want to change the ways of dealing with money both among people and organizations.
Cryptocurrencies are now widely accepted in the world, and car companies are no exception. Many of the top car companies are now accepting payment in the form of cryptocurrency to provide a chance for wealthy Bitcoin investors to turn their investments into physical assets. In this article, we have discussed 5 car companies that are accepting Bitcoin as payments. Explore the article if you are interested in buying a car with your crypto investments.
Car Companies That Accept Bitcoin as Payment
Just like every other company, car companies are trying to make the most of the increasing popularity of Bitcoin. The use of cryptocurrencies for payments in the luxury car market represents an upgrade from the previous traditional methods. This change not only increases the number of customers but also draws in modern customers who are willing to expand their holdings.
1. Post Oak Motor Cars
Location: Houston, USA
Post Oak Motor Cars is the first car company to accept Bitcoin as payment. They are famous because of their simple car-buying strategy. In the US, there are almost 30 million Bitcoin owners. Post Oak Motors is providing cryptocurrency owners with a new method to buy cars with crypto in the USA.
The first Rolls-Royce, Bentley, and Bugatti dealership in the United States to take bitcoin and bitcoin currency is Post Oak Motor Cars. Post Oak Motor Vehicles offers both new and used automobiles for sale. Post Oak Motor Cars sells the following cars in exchange for bitcoin:
- Roll-Royce
- Bentley
- Bugatti
2. Prestige Cars Kent
Location: Kent
With the increasing popularity of Bitcoin purchases, this Kent-based dealership has allowed Bitcoin holders to buy cars with cryptocurrency. Bitcoin holders can purchase cars from Prestige Cars Kent with the same convenience and security as conventional payment methods. They deal with cars that are in good condition.
Prestige Cars Kent offers a next-day delivery service for 98% of its cars, and customers may return any car they don't like and receive a complete refund. They have over 280 luxury cars. Prestige Cars Kent sells the following cars in exchange of bitcoin:
- Audi
- Bentley
- Porsche
- Rolls Royce
3. BitCars
Location: Geneva, Switzerland
Automobile seller BitCars was among the first to realize that Bitcoin was the future of digital payments. It is the world's first cryptocurrency-only car dealership platform. The owner of the BITCars used to sell watches in exchange for Bitcoins before selling cars.
They currently run two profitable businesses that allow Bitcoin investors to enjoy investing their earnings in luxurious items. BitCars focuses on luxury and vintage vehicles, particularly those with significant investment potential. Prestige Cars Kent sells the following cars in exchange of bitcoin:
- Mercedes-Benz
- Lamborghini
- Ferrari
- Bentley
- Audi
- Rolls-Royce
- Tesla
4. Crypto Emporium
Location: London
Crypto Emporium is a modern online store that allows customers to buy things with cryptocurrency. It was formed in 2018. This platform is now among the top cryptocurrency-only e-commerce websites. Users of the online marketplace Crypto Emporium may use cryptocurrency to purchase a range of goods, including cars.
The platform features a vast selection of crypto cars suitable for all budgets. This comprises everything from classic vintage models to modern supercars. This platform has more than 45 crypto car brands available on its website. Both new and pre-owned automobiles are available, and users can choose a car according to their budget and preferences.
Crypto Emporium allows consumers to make direct purchases using Bitcoin and other major cryptocurrencies by providing current pricing. Crypto Emporium sells the following cars in exchange of bitcoin:
- Lamborghini
- Tesla
- Mercedes
- Ferrri
- Rolls-Royce
- Porsche
- BMW
- Land Rover
- Lotus
- Nissan
5. Stephen James
Location: Enfield, London
Stephen James Group is a well-known and approved BMW and MINI dealership with its headquarters in the UK. It was founded in 1973. In the UK, the dealership has three MINI centres and five BMW centres. Customers may choose from a large variety of models from both companies and buy both new and used cars at affordable costs.
Customers can make purchases with BitCoin. However, Stephen James employs Bitpay, a service that handles Bitcoin payments for the business, rather than accepting Bitcoin directly. Stephen James Group sells the following cars in exchange of bitcoin:
- MINI
- BMW
Pros and Cons of Buying Cars With Bitcoin
Pros:
- Greater Privacy: Purchasing cryptocurrency does not require providing private financial information, such as bank account numbers or credit ratings.
- No Traditional Financing Required: Cryptocurrency payments can be handled in a matter of minutes or hours, depending on the blockchain network being utilized. Because you may use coins you already have, this is quicker than certain regular bank transfers, especially for transactions made abroad.
- Exclusive Offers: For luxury automobiles in particular, several vendors and dealerships provide exclusive discounts or benefits to clients who pay with cryptocurrency.
- No Middleman: Using cryptocurrency to pay for a car usually removes the need for middlemen like banks, which can reduce transaction costs or speed up the process in general.
Cons:
- Price Volatility: Due to the extreme volatility of cryptocurrencies, the value of your holdings may fluctuate quickly. This can result in purchasing a car in more or less than the real price.
- Not Widely Accepted: Restricted Acceptance: Some dealerships do not take cryptocurrency as a form of payment, particularly for mainstream or low-cost vehicles. Compared to conventional cash transactions, this reality restricts your alternatives.
- No Payment Protection: Unlike traditional payment systems, cryptocurrency transactions are not protected against fraud or chargebacks.
- Capital Gains Taxes: You could have to pay capital gains taxes on the variation between when you acquired your assets and when you utilized them to purchase the automobile if their value has increased.
Frequently Asked Questions
Q. Who accepts Bitcoin for purchases?
Ans: There are a lot of famous companies that accept Bitcoin as a payment method. For example, Newegg, Burger King, Express VPN, and Subway.
Q. Are there car dealerships near me in the USA that accept Bitcoin?
Ans: Post Oak Motor Cars accept Bitcoin. It is located at 1530 W Loop S, Houston, TX 77027, United States.
Q. Does Honda accept Bitcoin?
Ans: Although major automakers such as Honda do not directly accept cryptocurrency payments, consumers can purchase a Honda vehicle through a third party using cryptocurrencies like Bitcoin BTC.
