Buying a used car with cryptocurrency

Buying a used car with cryptocurrency

As cryptocurrency becomes the new alternative method of payment, it’s becoming increasingly popular and easier to spend on purchases in the UK. Holders of one of the most popular cryptocurrency, Bitcoins, can now start looking at buying items from places like, Starbucks coffee, alcoholic venues, restaurants, and now, Best Price Car Sales for a new used car or used van.

How might this affect you?

Everyone knows that cash is king and will be for some time in the near future. But what happens when you see something you want to purchase with cash and it costs over 10,000 or £9,000? Well, according to HMRC, you need to register if you accept or make money for goods and services over this threshold. This is mainly because of the possibility of money laundering practises. So as a result, a transaction can be lost, or the payment may be delayed due to having to split cash payments with an online bank transfer or banker’s draft. 

Even if you want to make a bank transfer payment for over 10,000, you can still face the possibilities of delay if the bank decides to put the payment on hold, for further checks and normally this form of transaction can take 3 to 5 working days too. This can make buying a sought after item like a new used car or used van a bit of a pain for the purchaser, and especially for the car dealership.

Debit or Credit cards

Now classed as the second most popular form of payment, the plastic debit or credit card. This has proved the most convenient for large purchases over 10,000 or more and a very secure method of payment for both the consumer and the retailer. However, the card issuer will send an authorisation code to the retailer, the transaction from the consumer’s point of view is complete, and can take the goods or drive the car away, but the retailer or car dealership will still have to wait for a further 3 to 5 business days for the funds to reach their account. This can also impact cash flow for the retailer or car dealership.

A new improved way of paying for goods and services

The boom in cryptocurrency users in the UK has now reached over 1.9 million users. The reason for this is mainly due to the problems stated above about money laundering, bank charges, banking delays, and limitations on spend. But on top of that, you have complete privacy and anonymity for cryptocurrency users. With cryptocurrency, you do not have any such rules and regulations.

And from a retail point of view, the transfer of funds from the buyer's wallet to the seller’s wallet is instant. 

Why are we getting onboard?

As a well established quality used car and used van car dealership, we understand the importance of adapting to an ever changing, highly competitive, UK used car market. By adopting an additional method of payment, we hope to be opening the doors to new customers and making it much easier and convenient for cryptocurrency users to spend their funds on actual purchases, without any government restrictions or delays.

To find out more about purchasing with cryptocurrency at Best Price Car Sales, call now and speak to one of our friendly advisors on 02382 549 222 or email ian@bpcarsales.com