Tips, Tricks & Trends

Buying a Used Convertible Today Will Cost You an Extra $10,000

As winter draws closer, interest in use convertibles and sports cars typically drops significantly. However, given how strange 2020 has been so far, used convertibles seem to be gaining value as the temperatures drop. A new study by iSeeCars shows that, on average, used convertibles are over $10,000 more expensive than they were last year. Today we’ll be looking at why this weird phenomenon has come about and when you should buy if you want a used convertible.

Why are prices for convertibles cars going up?

An image of a Ford Mustang Convertible outdoors.
Ford Mustang Convertible | Ford

Like with almost everything in 2020, the price increase of convertibles is directly linked to COVID-19. According to iSeeCars, a shortage of available used cars has skyrocketed prices. In fact, a recent study by iSeeCars shows that, on average, used convertibles are 27.2 percent more expensive than they were last year. On average, that percentage results in an increase of $10,429, according to iSeeCars. Despite the heightened price, iSeeCars reports that low-interest rates give buyers an avenue into these cars. As people continue to buy convertibles despite the heightened price, prices will only continue to increase.

If we factor in convertible sports cars, the problem is even greater. According to iSeeCars, buyers of these cars aren’t typically bargain-conscious. On top of that, iSeeCars claims that the demand for sports cars far outpaces what is available in the used market. The result is that buyers don’t have as many options to shop around. Since convertible sports cars more of a want than a need, buyers seem willing to pay up to have one.

The Ford Mustang and the Chevy Camaro are pricey options

An image of a Chevy Camaro Convertible rolling down the road.
Chevrolet Camaro Convertible | Chevrolet

RELATED: You Should Buy This Ford Mustang EcoBoost and Ditch the V8

It is a surprise to no one that the two most popular used convertible sports cars in the U.S. have also experienced the most significant price increases. According to iSeeCars, the Ford Mustang Convertible and the Chevy Camaro have experienced an increase of 18.6 percent and 18.4 percent, respectively. In terms of cash, this means buying a used Mustang Convertible is, on average, $3,997 more expensive than last year. A used Camaro, on the other hand, is on average $4,455 more costly than last year.

It is important to note that while iSeeCars separates the Mustangs sales into coupe and convertible, the Camaro convertible’s sales appear to be intertwined with the coupe’s. For the sake of context, a Mustang coupe is on average 20.7 percent more expensive, or about $5,060.

According to iSeeCars, the Camaro and Mustang’s price increase has plenty to do with their status in the market. According to Karl Brauer, Executive Analyst for iSeeCars, “These are dream cars for many, and consumers may be willing to pay more for them because the prices are still on the lower end of the performance car segment and because they can’t shop around due to a lower than usual supply.” This heightened attention toward sports cars and convertibles will likely see prices continue to hold strong.

It’s not just convertibles that are more expensive

A new Lexus LC 500 convertible on display
A Lexus LC 500 convertible on display | FREDERIC J. BROWN/AFP via Getty Images

If you thought you’d be safe buying something other than a convertible, you’re wrong. That’s because iSeeCars reports that used cars overall are more expensive than the same time last year on average. Just below convertibles are the coupes and pickup trucks.

Coupes overall have increased 15.9 percent or an average of $5,325 per car. Used pickup trucks came in slightly lower with an increase of 14 percent or an average of $4,413 per truck. Regardless of which vehicle segment you’re buying in; a used car is significantly expensive as we go into the holidays.

So if you’re set on buying a used car, you’ll want to wait until January. That’s because iSeeCars reports that used car deals could save you an average of 28.7 percent.