So I'll be changing up my vehicle soon, and have luckily saved up enough to purchase a new car outright with cash.
But, I got thinking about how the car I'm considering is around 1 BTC, and was wondering if I instead bought 1 BTC and purchased the car on finance, and then chipped away at the car payments with the BTC balance, would I be ahead financially at the end of the 4yr term?
I've ran a few figures based on a car costing exactly 1 BTC today @ $21,300, and shown a typical 48month payment period @ $450/month.
Using the traditional payment method of having a cash balance of $21,300 you would pay off $450 each month and at the end of the 4yrs the pot is empty and you own the car, right?
But if I bought 1 BTC and each month made a payment equivilant to $450 (at the minute that would be 0.021 BTC) then if, and it's a relatively big if, BTC goes up over the next four years I could end up paying off the car and having a decent chunk left from the original balance, maybe even have more $ worth than I started with?
Have a look at the figures and let me know if anyone sees any flaws in this thinking. I hope I'm being pretty conservative with my price predictions of it only hitting $60k in the next four years, but as you may see this would still work out great in terms of ending up with a paid off car and some btc left over.
Would love to hear anyones thoughts on this.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments