Can You Buy a Car With Bitcoin?
Buying a car with bitcoin has acquired symbolism in the crypto space. It is generally believed that the ultimate success of a crypto trader, HODLer, or entrepreneur is to buy a luxury car, particularly a Lambo, from their crypto profits.
Crypto holders and traders often humorously use the phrase ‘When Lambo?’ to refer to the hope or potential of being able to buy a luxury car with profits when the crypto market booms.
But is buying cars with crypto actually possible? Are there specific car manufacturers and dealerships that accept crypto?
Yes, you can buy a car, including a Lambo, and pay with crypto. Several car dealerships in the US and a few car manufacturers have added crypto to the list of payment methods that they accept.
Car Manufacturers That Accept Crypto
The following are the manufacturers that allow people to buy cars with crypto directly or through an arrangement with a crypto payment gateway:
Ferrari
In October 2023, the luxury sports car manufacturer Ferrari started accepting crypto. The option to pay with crypto is available in most Ferrari dealerships across the United States. However, the payments are processed through BitPay, which means that the company will most likely receive fiat for most of the orders that are made using crypto.
According to a news piece published by BitPay, Ferrari dealerships do not impose additional fees on cryptocurrency payments.
Which Car Dealerships Accept Bitcoin as Payment?
Even though a car manufacturer doesn’t accept crypto payments, there is a likelihood that you can buy a car from them and pay with crypto if a dealership they work with has chosen to accept crypto. The following are car dealerships in the US that accept crypto payments either directly or through crypto payment processors like BitPay:
RM Sotheby is a global auction house that started in 1976 as a car restoration shop in Chatham, Ontario, Canada. It has grown into a major global auction house for classic, vintage, sports, and exotic cars. The company has an office in Culver City, California, and hosts several annual auctions in Arizona, Florida, California, and Pennsylvania. It also organizes online auctions.
RM Sotheby
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The company started accepting cryptocurrencies in November 2021, and payments are processed through the BitPay crypto payment gateway. A 1% vendor fee is added when you pay with cryptocurrency.
RM Sotheby is a great place to buy pre-owned cars and pay with crypto. You can also sell your car for crypto through the platform. However, it is important to point out that those selling their cars generally do not receive payment in crypto.
O’Gara Coach
O’Gara Coach is a luxury car dealership with several locations in Southern California. The dealership has been in business since 1976 and sells several high-end car brands, including Bentley, Bugatti, and Rolls-Royce. It also services and helps sell pre-owned luxury cars.
The dealership’s clients can request to make payments in crypto. These payments are processed by BitPay and attract a 1% service fee.
Post Oak Motor Cars
Post Oak Motor Cars is a luxury car dealership that has been in business since 2000 and has two locations in Houston, Texas. The dealership sells new and preowned luxury cars of various brands and models, including Bugatti, Karma, Bentley, and Rolls-Royce. The company also offers detailing and maintenance services.
Post Oak Cars accepts crypto payments through the BitPay payment gateway. The dealership also has an arrangement with NYDIG, a bitcoin services company, to offer customers bitcoin-secured financing for purchasing luxury automobiles.
Edmark Toyota
Edmark Toyota is a family-operated car dealership that has been in business since 1927. It is headquartered in Nampa, Idaho, and offers a wide selection of new and pre-owned Toyota vehicles as well as other solutions, including maintenance and genuine parts.
Edmark Toyota accepts major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, NEO, IOTA, Cardano, and USD Coin for vehicle purchases. Customers interested in using cryptocurrency are encouraged to contact the dealership to arrange their purchase.
Rahal Ducati
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Rahal Ducati is a motorcycle an authorized dealership and service provider for the Ducati brand. The dealership was founded in 2019 and has locations in Zionsville, Indiana, and Cleveland, Ohio.
Rahal Ducati accepts crypto payments through the BitPay crypto gateway.
Understanding the Buying Process
While it is possible to send bitcoin directly to a seller, most car dealerships prefer to process the transactions through payment gateways like BitPay. This not only makes paying with crypto more seamless for the buyer but also allows the seller to minimize market volatility risks.
When you want to buy a car using crypto, you need to have a crypto wallet with funds ready. During the payment process, you are usually prompted to connect this wallet to the payment gateway. In all other aspects, however, paying for a car using crypto is not different in any meaningful way from using other payment methods.
Costs and Payment Options
It is important to understand that most car dealerships have contracts with payment processors that expect the buyer to add a vendor fee to the total they are expected to pay. At most car dealerships, that fee is about 1%.
Bottom Line
Yes, you can buy a car with bitcoins or any other cryptocurrency. In the US, there is a growing list of car manufacturers and dealerships opting to allow customers to use this payment method. Most of them prefer accepting payments through crypto payment gateways such as BitPay.
FAQs
Can I buy Lamborghini with Bitcoin?
Lamborgini has yet to add crypto as a payment method for buyers to place orders for new cars. However, if you go through some car dealerships, especially if you are buying preowned Lamborghini cars, you will likely find one that will sell you for crypto. It is important to point out, however, that Lamborghini has embraced the technology underlying crypto. In October 2024, the company announced a partnership with Animoca Brands, a Web3 gaming company, to launch Fast ForWorld, an interoperable blockchain-based digital vehicle gaming environment.
Can I buy a BMW with Bitcoin?
While BMW has embraced blockchain, it has yet to officially add crypto as a payment method for placing an order for a car. However, you could find car dealerships that accept crypto, especially if you shop for a preowned BNW car.
Does Mercedes-Benz accept crypto?
Mercedes-Benz does not accept crypto as a payment for a car. However, like most other car brands, you are likely to find a local dealership that can accept crypto for a Mercedes-Benz car. Where this is the case, the payment is likely to be processed through a payment gateway such as BitPay. You can, however, buy Mercedes-Benz NFTs using ETH on the OpenSea marketplace. The NFTs have been designed and minted by the car manufacturer.
Which car company accepts cryptocurrency?
There are a few car companies in the US that accept cryptocurrencies. These range from major global brands to dealerships that serve cities or parts of cities. Ferrari, RM Sotheby, O’Gara Coach, Post Oak Motor Cars and Ducati.
Does Bugatti accept Bitcoin?
Bugatti does not officially accept bitcoin or any other cryptocurrency as payment for its cars. However, there are a few car dealerships in the US that can accept crypto for a Bugatti car. Most of those dealerships process the payments through payment gateways like BitPay.
Does Ferrari accept Bitcoin?
In October 2023, the luxury sports car manufacturer Ferrari started accepting crypto. The option to pay with crypto is available in most Ferrari dealerships across the United States. However, the payments are processed through BitPay, which means that the company most likely receives fiat for most of the orders that are made using crypto.
According to a news piece published by BitPay, Ferrari dealerships will not impose additional fees on cryptocurrency payments.