For decades, paying for a car by check, credit card and/or financing has been the norm for people around the world. But a revolution in vehicle payments might be coming.
A recent Used Car News article, “Dealerships Start Taking Digital Currency” by Ted Craig, suggests a more futuristic option: making vehicle purchases with a new type of digital currency called cryptocurrency.
The article explains how Eugene Rubinchuk, the general manager of New York’s Michael’s Auto Plaza, gave his clients the opportunity to buy inventory with Bitcoin, a form of cryptocurrency.
Mr. Rubinchuk noticed that other businesses were taking advantage of this new payment method, so he decided to set up a Bitcoin Wallet and start promoting it. Within a few weeks, Michael’s Auto Plaza dealership sold its first Bitcoin-purchased car, a 2017 Subaru Impreza WRX, to a buyer from Virginia.
As quoted in the Used Car News article, Rubinchuk said, “I believe [cryptocurrency is] the future. It’s not the norm yet, but it’s gradually shifting that way”
The question is this: Will Bitcoin and other types of cryptocurrency be the future of how consumers pay for their vehicle purchases?
Only time will tell, but please leave a comment to share your thoughts!