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Buying a car with crypto might seem like a futuristic idea, but crypto consumers are increasingly leveraging their assets to make such big, one-off purchases. In general, 2023 was a year of recovery for popular assets such as bitcoin and global adoption is on the rise. As such, confidence is growing and crypto consumers are looking for opportunities to spend.
The automotive industry is also keenly aware of the growing potential of the crypto consumer segment. In 2021, Tesla began accepting payments in bitcoin, and as of October 2023, Ferrari will accept cryptocurrencies for its vehicles in the U.S. The luxury car manufacturer sold 13,200 vehicles in 2022, with prices ranging from $211,000 to over $2 million, and plans to start accepting crypto payments in Europe by March 2024.
Other car manufacturers are following suit, and thanks to platforms such as ForumPay, spending cryptocurrency on the products you want and need is easier than ever.
Buying a car from a ForumPay-enabled vendor
When buying a car with crypto through ForumPay, each party, buyer and seller, gives and receives the currency most convenient for them. The buyer is able to leverage their digital assets, whilst the vendor or merchant receives the agreed-upon price of the car in the FIAT currency of their choice. Contact our crypto payments experts for more information about our ForumPay-enabled vendors.
Here are some potential considerations for buyers to take into account before entering into a transaction:
- If you are able to make the full payment upfront, it may be possible to negotiate a discount on the initial asking price
- Automotive sales often involve transferring substantial sums of money or assets. It is typically in the vendor’s interest to secure the entire payment in a single transaction
- Monthly payments via traditional payment railways take longer to secure and can incur more charges
- The omission of percentage-based transaction fees, also common to traditional payment railways, such as credit cards, can result in substantial savings for customers buying a car with crypto, or other larger, more expensive goods, rendering crypto transactions a highly attractive option
Secure payments
For many, one of the most significant advantages of paying in cryptocurrencies is the added layer of security and privacy that comes with leveraging the blockchain. Blockchain technology ensures the integrity and immutability of transaction records, thereby enhancing trust and confidence when conducting large transactions. Depending on the car changing hands, this enhanced confidentiality makes it a very attractive payment method for both buyers and sellers, compared to often invasive and lengthy processes via traditional payment railways.
A wallet-agnostic service
Unlike many crypto payment gateways, which tend to present a series of walled gardens for consumers, ForumPay is completely wallet agnostic, allowing consumers to make payments in any popular crypto from any wallet. This added layer of convenience makes it possible to transact with any of our ForumPay-enabled vendors, no matter where you keep your digital funds.
If you are a car dealer or vendor and have yet to start accepting payments in cryptocurrency, book a meeting with one of our crypto payment experts to find out how. They are available to answer all your questions. Alternatively, visit forumpay.com for more information.
