Buyer FAQs
The buyer pays a 4.5% fee to Car for Coin. Minimum $400 and Maximum $5,000.
Please click the Account button in the top right of the screen.
Click on the My Account button to register and log in. Add your credit card details in the account settings here https://carforcoin.com/my-account/payment-methods/. Then you can place a bid.
All bids and auction prices are ONLY in the US Dollar currency, because of the familiarity of that currency’s value, because some buyers prefer to pay by US DOLLARS. During the duration of the auction, the bidders and sellers don’t have to worry about crypto value fluctuations, and focus only on the US DOLLARS equivalent of the car value.
$250 increments under $100k, and $500 over $100k bids
Yes, but you will need to do your own research in regard to the transportation outside of the United States, the import duties/fees, legal paperwork, and anything else that’s relevant to getting the vehicle into your country. We have a few international export companies that we can recommend.
This research must be done before you place a bid, not after. Payment for the vehicle must not be delayed to the seller.
You can contact the seller privately through the "Contact Seller Privately" form near the bottom of each listing.
No. The bid you place will automatically raise the price to that level. If the current bid price is $50,000 and you place a $100,000 bid, the auction price will increase to $100,000.
No holds are placed on your credit card when you bid.
One a car is sold, we will send an email to each party with the contact information they need for payment and logistics of the transaction. The buyer should first indicate which currency they want to pay in, and the seller will contact Car For Coin if they need help with accepting payment in crypto currency. Please read “Finalizing the Deal” for more info
Reserve prices are private, and the seller will almost never reveal the reserve price if you ask. If a listing doesn’t have a reserve, you’ll see a “No Reserve” tag along with a “No Reserve” text near the bidding box, otherwise it has a reserve price. You will see if the reserve price is met when the auction closes.
If you are the high bidder and the reserve price isn’t met, we will communicate with the seller and you to find an agreeable sale price. If we can find an agreeable sale price, we will put the buyer and seller in contact.
1. Use our title and payment escrow service
2. Ask the seller to show you the car with a live video from Facetime, Skype, Facebook, or similar video call.
3. If not using escrow, ask for a picture of the title, driver’s license, and make sure that they match. This ensures that the car is real, and that the seller of the vehicle is the rightful owner.
3. Ask for a bill of sale.
4. If you’re facing uncertainty or any issues, try to be kind and respectful to the seller, and contact us for assistance and advice!
Crypto Payment FAQ
By asking the buyers to convert their crypto currency to a stablecoin USDC or USDT first.
The auction bid and pricing is in US DOLLARS. What happens with your crypto value between the first day of the auction and the last day of the auction is not relevant to the bid price that is in US DOLLARS.
Yes, Car for Coin will escrow USD or crypto payments received in Tether (USDT) or USDC stablecoin. The fee is 1.5% to the party that needs it. Can be split up also if both need it.
That fee includes free crypto to USD, or USD to crypto conversion!
Please contact us upon auction close if you’d like this service for some additional peace of mind.
Car For Coin STRONGLY recommends converting your crypto currency to USDC or Tether (USDT) stablecoin first, which is 1:1 for USD. This conversion eliminates any volatility concerns with crypto.
Scanning the seller wallet’s QR code using your crypto wallet, is the best way to prevent typos and errors with the wallet id. Take a screenshot of the wallet ID that you were given, and the address that you have sent payment to.
For Coinbase users, click the Buy/Sell button on the top right of your account. Then click on the Convert tab.
If the seller does not accept payment by crypto currency, then we will arrange payment to Car for Coin to act as the escrow account and currency converter for a 1.5% fee. Our wallet ID will always be CarForCoin.Crypto or the QR code provided by tom@carforcoin.com. Contact us to add a second layer of security through text messages when setting up this payment.
We will release the payment to the seller in US DOLLARS as soon as the title is verified.
We highly recommends sending a $10 test payment first and confirming receipt before sending the full amount. This will give you peace of mind and take away most risk. Bitcoin and other crypto coin transactions are not reversible, but they are trackable to confirm that you sent the money to the wallet address that was provided by the seller or Car for Coin.
If you can’t cover the full vehicle price by your crypto currency alone, you must be ready to cover the rest by US Dollars. Penfed.org and DCU.org offer great rates for financing some or all of the vehicle if you need it.
No. You should be prepared to pay for the rest in US Dollars by taking out a loan.
1. If you're a long term Crypto holder, you should probably hold on to your Bitcoin and Ethereum, and take out a loan against them for maximum tax benefits.
If you're a short term trader with altcoins, you could reward yourself by converting them to a Tether or USDC stablecoin to realize your gains, so you're not a bagholder.
You can always buy back more crypto on the next dip, or the next market cycle! You can also take a loan out on your car and buy back into crypto.
2. Potential tax benefits, especially taking a loan out against your crypto holdings. You are still responsible for reporting capital gains taxes in the USA. As of June 2021, for federal tax purposes, virtual currency is treated as property*. https://www.irs.gov/irb/2014-16_IRB#NOT-2014-21
3. Life is short and cars are fun.
Yes. After the fee is removed from your credit card automatically, we can manually refund it and you can pay Car For Coin by Bitcoin, Ethereum, USDC or USDT. No Dogecoin, sorry!
Seller FAQs
We curate exotic and exciting cars valued at above $30,000. We focus on quality over quantity of listings. Car for Coin aims for an 80% exotic to 20% exciting car mix.
Exotic cars are exclusive and limited premium brands. Ariel, Aston Martin, Alpina, Bentley, Bugatti, Koenigsegg, Ferrari, Lamborghini, Lotus, McLaren, Pagani, Rolls Royce, Spyker, Ruf, Zonda
Cars that are exclusive, top of the model range, or are really fun to drive. We love manuals, and may slip in some boring model if it has a manual transmission.
Ford GT
BMW M cars
Tesla Model P100D
Chevrolet Corvette Z06 and ZR1
Honda Civic Type R
Porsche 911
Mercedes AMG cars and G Wagons
Range Rover Sport is borderline
Dangerous kit cars with no ABS or Airbags
Highly modified money pits
Anything with more than 700 horsepower
How It Works
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Car Selection
Car for Coin curates exotic and exciting vehicles, from sellers that pass the internal vetting process. We look for both cash or crypto friendly sellers.
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Bidding & Payment
We're not just a crypto focused marketplace! Dollars are fine too.
Auction bids are in USD, so that crypto volatility is out of the picture. Each listing has a "Direct Crypto Accepted" field, which lists exactly what type of payment the seller accepts.
Car for Coin offers an optional escrow service that can convert dollars and crypto, at a cost of 1.5% to the party that needs it.
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Car Delivery
After completing the transaction, the buyer and seller directly arrange for the pickup or shipment of the vehicle.
The winning bidder receives a custom NFT from Car for Coin in about 30 days. The NFT may be stored with us if the buyer is not crypto savvy.
