Over the last decades, technology has evolved in a fast way, that many of our habits have dramatically changed. Or, if some of those habits haven't changed yet, they certainly will in the near future. One of these habits is the way we pay for things, thanks to one key new component: cryptocurrencies. Those virtual, decentralized currencies come in different names and value, but the most accepted as of now is the Bitcoin. Knowing that this currency is gaining more and more popularity, many car companies are starting to realize how powerful and lucrative this cryptocurrency can be, and they decided to accept Bitcoin as a method of payment for their products and services.
Here are 10 car companies that accept Bitcoin as a method of payment.
10 Luxury Car Dealers
Since Sept. 2017, when a Lamborghini dealer in Costa Mesa, Calif. started taking Bitcoin as a method of payment, other dealers of luxury sports car brands followed suit and now allow you to buy your car with the cryptocurrency. Examples of those are seen in Atlanta and Albany, N.Y., where dealers are now accepting Bitcoin.
"Michael’s Auto Plaza in Albany, New York, also began accepting bitcoin payments through BitPay in December. Eugene Rubinchuk, a vice president and part owner at the dealership, which sells used cars with prices ranging from under $15,000 to an $89,000 Bentley, says he saw posts about extravagant cars like Lamborghinis bought with bitcoin on Facebook," a CNBC article stated.
9 Bob Moore Auto Dealers
This Oklahoma-based automotive group has started taking Bitcoin and other cryptocurrencies in all of its 18 dealerships in that state. After starting offering the payment option initially at its Subaru dealership in Oklahoma City, the group is expanding the service into its other locations, which sell Audi, Buick, Cadillac, Chrysler, Dodge, Ford, GMC, Infiniti, Jaguar, Jeep, KIA, Land Rover, Maserati, Mazda, Nissan, Porsche, and Ram.
To make this possible, Bob Moore partnered with Aliant Payments, which will enable the payments with Bitcoin, as well as with Ethereum and Litecoin.
The electric car company started accepting Bitcoin payments recently, but a noticeable case came in 2013, when a Florida man purchased a Tesla S at a California dealership for 91.4 Bitcoins, equivalent at the time to $103,000.
This became a rare case for the Elon Musk company, which doesn't usually sell its vehicles at traditional dealerships and prefers online sales that involve direct transactions between the manufacturer and its customers.
If you are planning to get a brand new BMW car, you can now use Bitcoin to buy it, as many of the brand's dealerships are now accepting the cryptocurrency.
Many dealers in the U.S. and in the UK are taking that method of payment, and the move seems to be lucrative, as most Bitcoin users tend to buy luxury goods and services with virtual currencies, paving the way for more and more customers in the future purchasing their cars using Bitcoins. BMW seems to be in the right way by allowing its dealers to accept the currency of the future in its customers' transactions.
6 Classic Recreations
This company based out of Yukon, Okla. specializes in building restorations and continuation cars of Ford Mustangs, with authorization of the Ford Motor Company and Shelby American. In an effort to expand its client base globally, Classic Recreations is accepting payments in many cryptocurrencies, including Bitcoin.
“My entire life I have had a strong fascination for technology and its evolution. Cryptocurrencies have come a long way and continue to solidify themselves as a legitimate currency on the global market. The true beauty of accepting cryptocurrency is the universal aspect of it which allows Classic Recreations to connect with consumers from anywhere in the world," company owner Jason Engel told Bitcoin.com.
5 Bernie Moreno dealerships (Cleveland, Ohio)
Luxury car shoppers in the Cleveland, Ohio area now have one more option to pay for their dream machines.
Bernie Moreno, a Mercedes-Benz and Porsche dealer, offers since 2018 the option of payment with Bitcoin and other cryptocurrencies for both cars and services. The dealership patrons are able to purchase their cars via a simple tap on a smartphone, transferring Bitcoin from a virtual wallet to the dealership at no extra fees.
4 Post Oak Motor Cars (Texas)
This Texas-based dealer is the first Rolls Royce, Bentley, and Bugatti dealership to accept Bitcoin and other cryptocurrencies in its luxury car sales, starting the practice in Sept. 2018.
The retailer has partnered with payment service BitPay to allow its customers to buy their vehicles using cryptocurrencies, and this move will expand its reach of customers to far beyond Texas, as the Bitcoin option will allow the dealership to accept purchase orders from customers worldwide. This will allow more convenience and customers to buy their cars a lot faster than most dealers.
3 E-Z Rent A Car
This car rental company is aiming at making rentals much easier and faster by accepting Bitcoins as a method of payment for its customers. The company website praises the speed of crypto transactions.
"When you’re far away from home, stepping off a flight in a new city and ready to pick up your rental car, a bank may detect a credit transaction in a new location and freeze your account. A quick, peer-to-peer bitcoin transfer just goes through instantly. The payment is made and you’re ready to drive," E-Z website stated.
2 Carriage Nissan (Atlanta, Georgia)
This Atlanta Nissan dealer is now accepting Bitcoin as a method of payment for those looking to buy their new Nissan.
Carriage also partnered with BitPay to enable its patrons to buy their vehicles at the retailer using cryptocurrencies, but before getting excited to get your new ride with Bitcoins, there is a catch: the dealer's website states that "only Bitcoin payments that can cover the full price of the vehicle including tax, tag and title can be accepted at this time," and that "finance and lease options are currently unavailable."
BitCar is a website that specializes in fractional ownership of exotic cars, mostly from luxury brands. Using a blockchain-based platform, the site allows you to purchase a car through something called "utility token," which consists of an asset that is tradable on BitCar's live peer-to-peer auction platform.
On this system, multiple users access the platform, and you can buy the car from a dealership using the token based on the value of the vehicle. People can also buy their way into ownership via peer-to-peer "asset token" exchange, which allows users to "trade their way up to full ownership of an exotic, allowing them to have the option to take the exotic for themselves," the BitCar website stated.