New auction site Car For Coin accepts cryptocurrency or USD for Teslas and Exotic vehicles
Car For Coin, the new crypto and dollar-friendly online marketplace for exotic and exciting premium vehicles, is providing the opportunity to buy Teslas and Lamborghinis with Crypto. The car auction site lists only high-end vehicles, which can be bought with cryptocurrency or US dollars. Bucks or Bitcoin, you choose.
A stunning 2019 Lexus LC500 coupe is offered with no reserve price, ending October 8th.
As Elon Musk wavers on accepting Bitcoin for payment, Car For Coin makes it possible and easy without the exhausting paperwork from Tesla.
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“During an auction, bidders and sellers do not have worry about the volatile values of crypto,” explained Car For Coin Founder Tom Hegedosh. “All bids and auction prices are listed in USD because of the familiarity of the fiat currency’s value. Buyers can choose to pay for Teslas and other vehicles with crypto or traditional currency after they win the auction.”
He further detailed the process, “If the seller does not accept crypto, we’ll convert it; that’s not a problem. We have a secure title and payment escrow service that includes a free conversion from crypto to US dollars. The optional escrow service removes most risks associated with buying an expensive car from a stranger and holds both parties accountable for a secure transaction.”
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To pay for a winning bid by crypto, CarForCoin strongly recommends first converting crypto currency to a stablecoin like ‘Tether’ (USDT) or USDC, which is 1:1 for USD. This conversion eliminates any crypto related volatility.
Justice Conder, the crypto expert on staff, does not recommend paying for your Lamborghini directly in Bitcoin or Ethereum. Risky altcoins make more sense to exchange for a fancy car. Bitcoin is best held for many years as an appreciating store of value, while you can take out a 3% APR loan on it. A step-by-step instruction on how to do this tax-friendly loan is available, but a hands-on walkthrough is also offered as service.
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