The moment that you have been waiting for has finally arrived. You had been on a search expedition for so many days, looking for the perfect car.
It must have been exhausting looking for the right functions and features within your budget, plus finding a reliable dealer to buy the car and you will get a place to put a gun safe in the car. Making a decision took time and research, but finally, it’s time to buy your lustrous, new ride.
If you plan to buy a car through traditional means, you have to go through several time-consuming formalities. However, if you own Cryptocurrency like Bitcoins or Ethereum, you can save yourself a lot of time, effort, and even money.
Yes! Buying a car with bitcoin and other cryptocurrencies is no more a hypothetical wish. Several car dealerships are now accepting various cryptocurrencies as a mode of payment.
Since its inception in the year 2009, Bitcoin is climbing the growth ladder pretty fast. It stands at par with the futuristic ideas that will bring significant changes worldwide like Artificial Intelligence, Virtual Reality, and BigData.
Insane progress has been made in crypto during the last ten years
If we look at the cryptocurrency’s growth graph, Bitcoin has outperformed gold and other commodities over the years. At present, the value of gold stands at $1723.16, and that of bitcoin is around $9700
In this blog, you will learn how buying a car with cryptocurrency allows you to spend less. Also, we will advise a few more incredible ways to save money when buying a car.
So let’s dive in.
Will any car portals accept my Bitcoins as a mode of payment?
Knowledge about cryptocurrency and its use is still not widespread among the masses. Many people are unaware of how they can use cryptocurrency to buy and sell goods.
Commonly, people looking to buy a car are not familiar with Bitcoin and how it can be used to buy a car.
Looking at Bitcoin’s promising growth, its increased usage in the past few years and the emergence of several other cryptocurrencies have made many businesses realize the worth of adopting crypto as a payment mode.
Paying bitcoins to buy your car can save you money?
Apart from speed and security, buying cars with cryptocurrency can benefit you in several ways:
- Lower transaction fees for cross border payments:
Paying for your car with Bitcoin means you will pay lesser than the traditional currencies.
It involves a very nominal transaction fee, often as less as one U.S. cent per transfer. Whereas, cross border transactions through credit cards cost you more.
- No need to travel to a bank:
When making a payment, usually, you and the dealer will have to pay the bank fee. Also, buying a car may require ATM withdrawals, which has its charges. You also need to visit the bank to carry out the transfer and other prerequisites if you’re taking a loan.
Paying with Bitcoin saves that extra cost as it is a digital currency. Anyone who has a smartphone and internet can create a Bitcoin wallet and use the crypto network to transfer it.
- Dealers offering discounts to Bitcoin users:
Several dealers are now offering discounts to those buyers who are paying through crypto. It may be a limited–time offering as it is done to encourage peer-to-peer cryptocurrency exchange. You can avail of the discounts before mass crypto adoptions begin.
Crypto technology in finance is undoubtedly something that offers ease to users. Statistics prove its fair value. Therefore it is increasingly being adopted by the masses.
Statista reveals that until the fourth quarter of 2019, 44.7 million Blockchain wallet users were already recorded. It has grown to 54 million users as of September 2020.
Some more ways to save money while buying a car
Besides using Bitcoin to buy your dream car, you can save up even more with the following tips:
Don’t rush your purchase.
Rush buying is directly proportional to paying more. Always begin your research ahead of time and make up your mind after analyzing every feature in detail.
Assess the value of the car to avoid paying more than its worth. Also, discuss in detail the make and model with the dealer before finalizing anything.
Compare prices
A price and feature comparison will save you several bucks. One brand’s car with the same features may cost lesser than the other brand, but it may not offer the same quality and guarantee.
It may translate into unavoidable higher maintenance costs
Check maintenance costs
Check and discuss the maintenance cost of the vehicle that you are about to buy. It may help you negotiate a better price with the dealer if you know any existing flaws in the car.
Buy used cars
Rather than buying a new car, look into buying a slightly used one. A model launched a few years back may still be in mint condition, and it will cost way less than a brand new one. You can enjoy the same features at a lesser price.
Buy at the end of the year
The EOFY, or end of the financial year, brings stress to the dealers. They want to clear up the floor stock to make space for new arrivals. They decrease the prices, and you can take advantage of the situation by waiting until the EOFY to buy a car.
Use cash and crypto instead of credit card or loan
Bank loans always make you pay more than the actual cost of the car. Therefore, avoid getting a car loan. It will save you from paying interest, plus give you an advantage to avail discounts offered to buyers paying with crypto.
Parting thoughts
Purchasing your new ride with cryptocurrency such as bitcoin is now possible. Besides putting that bitcoin to use, you can see that the method helps you pay less.
You have to search for a dealership that accepts cryptocurrency as payment. There are several forums online that connect buyers with such dealerships. You can visit them, choose a car of your dream and pay for it through your digital currencies.
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