Luxury cars at Dutton Garage

Luxury car owners will be able to pay off their vehicles using cryptocurrencies | Source: Dutton Garage Facebook

Cars and Crypto: Paying for Your BMW with Bitcoin

As an increasing number of industries move towards adopting cryptocurrency as a form of legitimate payment, luxury cars have become the latest items you can pay for with your Bitcoin or Ethereum. In an Australian first, cryptocurrency exchange giant Coinspot has announced an exclusive partnership with Dutton Garage.

The partnership will allow for the car retailer’s extensive range of classic, collectible and exotic cars to be paid in full or in part using Bitcoin or the more than 30 other accepted cryptocurrencies.

Chief Product Officer at CoinSpot, Gary Howells, said the recent partnership was part of the company’s efforts to increase access to cryptocurrency for consumers and businesses in the automotive industry.

With Web 3.0, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items, whether that’s a Bored Ape NFT (non fungible-token) via CoinSpot’s NFT marketplace or buying a Porsche 911 with Bitcoin from Dutton Garage.

Gary Howells said in a statement

Overseas, a number of car retailers and brands have already added cryptocurrency to their finance options. In the U.S., data predicts the automotive blockchain will grow from USD$350 million in 2020 to a staggering US$5.29 billion (around A$7.1 billion) by 2030, with a compound annual growth rate of 31.19 per cent.

2004 Enzo Ferrari
A 2004 Enzo Ferrari Sold from Dutton Garage | Source: Dutton Garage

2015 Lamborghini Huracan

Computer coder and early crypto investor Peter Saddington made headlines for purchasing a 2015 Lamborghini Huracan with Bitcoin. Purchased from a Motorcars dealership in Georgia, the Huracan with its white matte wrap and exhaust features was purchased for USD$200,000 (approximately A$267,990), which translated to 45 Bitcoin at the time of purchase.

Saddington purchased the 2015 Lamborghini Huracan with a matte black facelift | Source: Pinterest

And Lamborghini is not the only luxury vehicle brand to accept cryptocurrency as payment. Below is a selection of high-end car brands you can purchase with Bitcoin.

BMW i8

The BMW i8 is not only the perfect fusion of speed, comfort and elegance but also accepts cryptocurrency as a legitimate form of payment. Functioning as a hybrid sports car, the BMW i8 is fitted with dihedral doors and comes as a convertible roadster.

Boasting 369 horsepower, this car is one of the fastest sports cars in the world and can go from go from zero to 96.5 kilometres per hour in just 4.1 seconds.

The BMW i8 held a price guide of A$193, 500 – $222,500 in 2020 | Source: Carsales

Continental GT V8 Bentley

An exhilarating convertible car, the Continental GT V8 Bentley is available for purchase via crypto. Along with enhanced stability and control, the car boasts electronic all-wheel steering, Torque vectoring by Electronic Limited Slip Differential and carbon-ceramic brakes designed using aerospace technology.

The Continental GT V8 Bentley has a price estimate of A$178,000 from Car Sales | Source: Bentley Motors

Volvo XC60

Available with five seats and equipped with Google Assistant, this mid-size SUV is sleek and dynamic. Now in its second generation, the XC60 offers electrified petrol engines inclusive of a mild hybrid and plug-in hybrid, as well as Volvo’s new Android Automotive infotainment features.

The Volvo XC60 from A$69,490 | Source: Motor Authority

Jaguar F-Type

Athletic and chic, the Jaguar F-Type is the true definition of a sports car. The enhanced performance of the F-Type includes improved consumption, reduced CO2 emissions and a switchable active sports exhaust system, so you can switch to a thrilling rumble if desired.

Jaguar F-Type from A$166,048 | Source: CAR Magazine

CoinSpot’s exclusive partnership with Dutton Garages allows Australians, for the first time ever, to purchase luxury cars with cryptocurrency using its over-the-counter trading desk.

“Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance,” Howells said.

A myriad of products are increasingly being bought through the blockchain. London Penthouses, 30-Year-Old Whisky and a 100+ Carat Diamond are amongst some of the extravagant items to have been purchased with crypto recently.

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