While it might not be as common as using traditional payment methods, more and more car dealerships are accepting cryptocurrency, such as Bitcoin, as a form of payment. Below, we explain the steps.
It’s fair to say accepting crypto as a form of payment is generally only found at independent used car dealerships like ourselves. Due to the volatility and red tape, you are unlikely to find a franchise dealership that will accept cryptocurrency.
However, by getting in touch with a dealership like ourselves here at Prestige Cars Kent, the process normally goes as follows when you want to buy a car with cryptocurrency
1. Choose Your Car
Begin by browsing through our wide selection of over 300 prestige cars to find the perfect vehicle. If you don't see the exact car you're looking for, don't worry! We also offer custom car sourcing at no extra cost, ensuring you get the exact model and features you want. You can also choose to add optional items like warranties or service plans. Once you've selected your car, let us know you’d like to pay with cryptocurrency, and we’ll confirm that we can accept bitcoin or any other digital currency.
Got a Part Exchange as well? No problem! We accept virtually any part exchange, but also can take part payment – you can use part cryptocurrency, part cash, or even finance an amount.
2. Prepare Your Cryptocurrency
Before purchasing, ensure your cryptocurrency wallet is properly set up and funded. We’ll provide a unique wallet address for the payment – double-check this address carefully to avoid any errors, as crypto transactions are irreversible. Whether you’re using Bitcoin or another cryptocurrency, make sure to consider any associated transaction fees.
3. Make the Payment and Wait for Confirmation
Cryptocurrency transactions are recorded on the blockchain, which may take some time to confirm based on network traffic. Once the payment is verified, we’ll notify you, so you can proceed to finalise the purchase.
4. Complete the Purchase and Documentation
Once the transaction is confirmed, sign the necessary paperwork to complete the purchase. The V5 document will then be put in your name, identifying you as the new owner of your car. You just need to then tax and insure the vehicle to drive it away. We can also arrange delivery to your door, if you purchase from us.
Additional Considerations
Some cryptocurrencies may have transaction fees. Be aware of these fees and factor them into your calculations. Cryptocurrency prices can, of course, fluctuate significantly. Consider the potential impact of price changes on the final cost of your purchase. It’s important to be ready to go once you have made your decision to buy a car with cryptocurrency, so you don’t lose out.
Managing Cryptocurrency Value Fluctuations
Another important consideration when purchasing a car with cryptocurrency is understanding how digital assets fluctuate in value. Unlike traditional currency, the value of cryptocurrency can change dramatically within a short period, which means the final cost of your car may differ slightly depending on the timing of your payment.
To make the process as smooth as possible, it’s wise to monitor the current exchange rate and coordinate with us at Prestige Cars Kent to finalise your purchase quickly. This will help ensure you get the most accurate price for your vehicle at the time of purchase.
Why Choose Prestige Cars Kent for Your Next Car Purchase
At Prestige Cars Kent, we make it easy to buy a car with cryptocurrency or traditional payment methods. With over 300 luxury vehicles, flexible part-exchange, and custom car sourcing, we’re here to help you find your perfect car. For more information on crypto purchases, see our guide. Alternatively, reach out to us and we'll answer any questions you have on purchasing.