Australians Can Now Buy Cars With Crypto in Country First

Customers of a retail car seller in Melbourne, Australia can now cash in their crypto for used luxury vehicles

article-image

1967 Ford Mustang. Credit: Shutterstock

share

key takeaways

  • Australia’s largest exchange and a local car retailer have inked a deal allowing customers to buy luxury vehicles with crypto
  • The move marks a country first and one of the world’s first, since Tesla walked back its decision to let its customers make purchases using bitcoin

One of Australia’s largest crypto exchanges by total users has inked a deal with a local retailer allowing individuals to purchase luxury vehicles using crypto.

The deal between crypto exchange CoinSpot and Melbourne-based car retailer Dutton Garage means customers of the company can now make a purchase in up to 30 cryptos including bitcoin, according to a statement on Friday.

The move to allow investors to purchase vehicles using digital assets breaks new ground for the country and is one of the world’s first since electric carmaker Tesla initially proposed the sale of its cars for bitcoin last year. Tesla CEO Elon Musk later walked back the company’s decision, citing environmental concerns over bitcoin mining.

Purchases will be made available through CoinSpot’s over-the-counter trading desk, which the exchange says will limit exposure to market fluctuations, minimize low liquidity risk and reduce slippage for those customers transacting greater than $50,000.

The crypto industry’s relationship with luxury vehicles has a deep history stemming back to 2011 when startup CEO Peter Saddington cashed in 45 bitcoin he had acquired for $115 to buy a $200,000 Lamborghini Huracan. The Lamborghini, or “Lambo,” became somewhat of a status symbol to prove one’s success in the crypto world and inspired a meme culture around it.

Indeed, some luxury vehicles listed on Dutton’s site, including a 1967 Ford Mustang and a 1964 Porsche Coup, retail for around $350,000 Australian dollars (US$262,000).

Both companies said the partnership was in response to “strong demand” from Australian customers to purchase vehicles and other luxury items using crypto.

“With Web3, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items,” CoinSpot Chief Product Officer Gary Howells said. “Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance.”


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Fluid's hybrid money market & DEX protocol has grown rapidly since launch in December of 2024.

article-image

Should higher-fidelity graphics be the goal for crypto games — which result in much higher costs and risk?

article-image

From Mel B to Neil deGrasse Tyson, BTC has seen its share of strange celebrity sightings

article-image

Circle’s roadshow will be the real test for the stablecoin issuer

article-image

PitchBook’s Robert Le said crypto projects focused on institutional use cases are the focus

article-image

The decentralized AI firm designed ODS to be owned by the community in an effort to promote more decentralized AI

article-image

The non-profit’s launch and big-name hires aim to grow Solana’s footprint in Washington