What is a convertible used for / who buys one?
Convertibles are typically bought as a lifestyle or weekend car rather than a household's only vehicle. Common buyers include enthusiasts who already own a more practical family car, people replacing a first car with something more fun once finances allow, and drivers in the later stages of family life who no longer need a large boot or five seats every day. Because roof-down driving is weather-dependent in the UK, most owners treat a convertible as a second car for spring and summer use rather than year-round transport.
Practically, buyers should weigh up boot space (often reduced further with the roof folded down), the number of usable seats (many convertibles are strict two-seaters or have cramped rear seats), and whether they want a fabric soft-top or a folding hard-top, which affects noise insulation, security and long-term maintenance of the roof mechanism. On the UK used market, popular models include the Mazda MX-5, MINI Convertible, Audi A3/A5 Cabriolet, BMW 2 Series and 4 Series Convertible, Volkswagen Golf Cabriolet and Beetle Cabriolet, Fiat 124 Spider and the Vauxhall Cascada.
Prices vary enormously by age, mileage and marque. As a general guide only, a well-used small roadster like an older Mazda MX-5 can be found for a modest few thousand pounds, while newer premium cabriolets from BMW, Audi or Mercedes-Benz can run to tens of thousands of pounds used. New convertibles typically start in the low-to-mid twenty-thousands for mainstream marques and go significantly higher for premium and performance models. These figures are illustrative only and will vary with the market at the time you're buying.
Financing considerations for convertibles
Convertibles are a smaller, more seasonal segment than mainstream hatchbacks and saloons, and this can show up in a few finance-related ways. Demand — and therefore part-exchange values — tends to be stronger in spring and summer, so the timing of a part-exchange or a change of car can matter more than it would with an everyday model. If you're planning to hand a convertible back or change it partway through a PCP agreement, it's worth thinking about where in the year that falls.
Insurance is another factor that sits alongside, rather than inside, the finance agreement itself, but it affects overall affordability. Convertibles can sometimes carry higher premiums than an equivalent hard-top due to roof-related repair costs or perceived security risk, so it's worth getting an insurance quote before you finalise a finance deal, not after. Because it's a smaller and more specialist market, residual values and any balloon or Guaranteed Future Value offered on a PCP agreement can also be more sensitive to condition — particularly the condition of the roof and its folding mechanism — than for an equivalent hard-top car.
Since a convertible is frequently a second car rather than a household's only one, it's worth using an affordability calculator to check a new monthly payment sits comfortably alongside any existing car finance you're still paying off. Whether HP or PCP suits you better often comes down to how long you plan to keep the car: HP can suit those planning to keep it for years, while PCP's lower monthly payments and flexibility to change every few years can suit a lifestyle purchase people upgrade more often. Our HP car finance calculator can help you compare the numbers before you apply.
FAQ
Q: Does a convertible cost more to insure than the hard-top version of the same car?
A: It can, though this varies by insurer, model and your own circumstances — roof-related repair costs and security are common reasons cited. It's worth getting an insurance quote alongside any finance quote so you know the true monthly cost of running the car, not just the finance payment.
Q: Will the condition of the soft-top roof affect what I owe if I settle my finance early?
A: The settlement figure itself is based on your finance agreement rather than the car's condition, but if you're part-exchanging or selling to help clear the balance, roof condition can affect what a dealer offers you. Our affordability/settlement calculator can show your current settlement figure so you know where you stand before agreeing a trade-in price.
Q: Is PCP or HP more common for convertibles?
A: Both are offered on convertibles, and the right choice depends on how long you plan to keep the car rather than the body style itself. Buyers who see a convertible as a car they'll change every few years often lean towards PCP; those planning to keep it long-term more often choose HP.
Compare lenders for Convertible Car Finance
- Startline Motor Finance — generally positioned to finance a broader range of vehicle ages, specs and less-mainstream body styles than some high-street lenders, which fits a smaller segment like convertibles.
- Moneybarn — known as a specialist lender for buyers with a less-than-perfect credit history, worth including in a comparison for a lower-volume model where fewer lenders compete for the business.