Bitcoin and the various cryptocurrencies are the way of the future and are here to stay.
Ferris Cars made history in mid-April 2021 when it became the first car dealership in South Africa to sell a car directly in exchange for Bitcoin.
It wasn’t just any car, but an immaculately presented Ferrari California.
Since then, the price of Bitcoin has come off somewhat, taking the momentum for further sales with it, but this did nothing to prevent other clients from buying a range of different cars, including a Ford Mustang and a McLaren MP4-12C. Cryptocurrencies can be used to purchase a car from Ferris or any other outlet in the country, be it another dealership or a private individual. Ferris cars will facilitate the transaction.
The beauty of using Bitcoin, or one of the other accepted cryptocurrencies, is that it is an immediate peer-to-peer transaction, and no approval is required from any third-party institution or government authority.
Because there are no intermediaries to deal with, the costs of doing crypto transactions are kept very low and happen almost instantly, avoiding typical authorization delays from banks.
Ferris Cars do not charge a fee to accept cryptocurrency payments unless they are facilitating the purchase with a private individual or another dealership.
The cryptocurrency price quoted on the Ferris Cars website payment portal is an “on-the-spot” calculation according to the international spot price.
Your crypto car purchase through Ferris Car in these 5 easy steps.
1. Identify your car, at Ferris Cars or anywhere else.
2. Agree on price in ZAR
3. Sign Offer to Purchase (OTP) with Ferris Cars.
4. Complete crypto transaction at https://ferriscars.com/crypto-payments/
5. Take delivery
All cryptocurrency transactions concluded with Ferris Cars are legal in South Africa and no taxable event occurs.
Ferris Cars are working closely with the FIC, SARS, and all other regulatory bodies through our preferred exchange platform, Altcoin Trader, to ensure compliance in every transaction and to protect our customers.
Also view:
Vehicle Finance, Car Insurance and Road Safety
Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer
The Online Vehicle Retail Market and Safely Selling Vehicles Online
