Imagine tearing down the road in a G-Wagon or a drop-top Bentley Continental, or listening to the delicious sounds of a V12 LaFerrari. Doesn't it sound lovely? You would think that getting one of these crazy rides in your driveway necessitates a large salary, a few investment accounts, and a large chunk of money. In the wild world of 2021, however, you may now purchase one of these cars with cryptocurrency!

Who claims cryptocurrency is merely a speculative asset and not a legitimate currency? In today's environment, you can also buy cars with bitcoin. So, before I explain how it all works, let's have a look at all the different ways your crypto may get you behind the wheel of a new car!

Where Can I Buy A Crypto Car?

So, let's start with an incredible website called BitCars, which is one of the trendiest businesses that is currently accepting Bitcoin in return for luxury autos. This online service was created by the same people who founded BitDials, a firm that began selling jewelry in exchange for Bitcoin, and they've now modified that business model to assist us car fanatics.

The first car they sold was a kickass Rolls-Royce Dawn with Mansory's All-Black Tuning. However, they've since increased their fleet to include a wide range of supercars, American classics, luxury sedans and SUVs, and much more.

BitCars isn't the place to go if you're looking for a cheap Nissan Altima. However, if you have a large sum of money in your Bitcoin wallet and are seeking for top-of-the-line automobile engineering, they have exactly what you need. Off-road vehicles, motorhomes, motorcycles, and even freakin' yachts are all available for purchase using Bitcoin. That's pretty great, right there.

There are also locations where you can acquire more typical automobiles with crypto if you aren't in the top 1% of the wealth distribution. Car dealerships that accept cryptocurrency payments have popped up all across the country, and even the world.

Should You Invest in a Car Using Crypto? - Is it better to use cryptocurrency than cash?

So, here's the deal: the only actual benefit of buying a car with bitcoin rather than cash is the possibility of avoiding any transaction costs with your crypto wallet provider.

Let's say you keep your crypto on Coinbase, which charges a 1% withdrawal fee. If you're trying to get $10,000 out of your bank account to buy a million-dollar automobile, that 1% is $10,000. That's a substantial sum of money. So, if you buy that million-dollar car using cryptocurrency, you can avoid paying the 1% fee entirely, which sounds pretty sweet, right?

Here's the thing: crypto prices are so unpredictable right now that it's difficult to determine whether your investment in a car purchased with crypto will be a good one or a bad one.

Let's imagine you bought a car for one Bitcoin, and the price of Bitcoin at the time of writing is around $38,000. The price of Bitcoin then skyrockets to $100,000 the very next day after you buy the car. That essentially means you just spent $100,000 for a $57,000 automobile! So, that Bitcoin auto dealer cheated you out of a lot more money than you needed.

However, there's always the possibility that you'll win. Let's imagine the price of Bitcoin plummets to $10,000 the day after you bought that car for one Bitcoin. That implies you just paid $10,000 for a car worth $57,000, which is a fantastic deal!