Can You Use Crypto to Buy a Car?
Buying big ticket items like a car with cryptocurrency is getting easier but at times can still be tedious
Cryptocurrency is becoming an increasingly popular form of payment, and a few car manufacturers have started to accept it as a form of payment. Tesla, BMW and Toyota are amongst the first car manufacturers to accept cryptocurrency as payment.
Tesla was the first of the three to accept Bitcoin as payment, with BMW and Toyota soon to follow. Crypto payments can be made directly a very small amount of dealerships who accept it currently.
Usually you’ll have to use a third party platform to facilitate the transaction between a dealership and yourself.
How are crypto payments made currently the automakers?
Tesla – As of June 2022, the company nolonger accepts payments with Bitcoin. They switched to Dodgecoin instead.
BMW – Some – not all – accept digital currencies.
Toyota – The company has limited number of dealerships accepting crypto now.
By accepting cryptocurrency, these car manufacturers are embracing the digital age, allowing customers to make payments in a manner more suited to their lifestyle.