There may be nothing more appealing than the wind in your hair and smelling the fresh air while you cruise on a scenic drive in a convertible. While that’s a plus for many, there are numerous pros and cons to consider before you buy the drop-top car of your dreams.
Here are the factors you’ll want to think about before buying a convertible.
Initial cost
Convertibles have a more expensive price than their hardtop counterparts. While convertibles typically come better equipped than the base model of their hardtop counterparts, they still tend to cost more even when similarly equipped. Depending on the model, the cost difference could be up to $5,000, making a monthly payment substantially higher.
Insurance costs
Most people think that convertibles cost more to insure than their hardtop counterparts, but the gap is not that significant. Insure.com compared a wide array of convertible models to their hardtop counterparts and found that the difference between the two was typically less than $100 annually, and in some cases, such as with the Mitsubishi Eclipse and the Chrysler 200, the difference was minimal. One of the reasons insurance costs are not substantially higher is that convertibles tend to have lower insurance losses than the hardtop models, typically because convertibles are driven less, according to the Insurance Institute for Highway Safety.
Safety
It’s also often thought that convertibles are less safe than their hardtop counterparts, but this is somewhat of a misnomer as well. According to the IIHS, real-world crash data shows that the risk of death isn’t higher in a convertible, and the latest crash-test results on convertibles shows that many automakers compensate for the lack of a roof by strengthening the rest of the body, though adding a retractable hardtop generally doesn’t improve a convertible’s safety. The IIHS notes that there is a danger to the occupants of a convertible in a crash since people’s heads and arms can move outside the car. As a result, it recommends only buying a convertible with roll bars to have the best protection in the event of a rollover crash.
Fuel and maintenance costs
For the most part, automakers have made good strides in ensuring that convertibles don’t cost much more to own in terms of fuel or maintenance than their hardtop counterparts. When equipped with the same engine, convertibles typically have only a 1 mpg or less penalty in fuel economy than their hardtop siblings. Regularly scheduled maintenance recommended by the manufacturer is similar between drop-tops and hardtops, too. However, a soft-top convertible may require more maintenance to the roof if you live in a harsh climate with hot or cold temperatures.
Resale value
Contrary to popular belief, convertibles don’t hold their value better than their hardtop counterparts, according to ALG, which provides used-car values to most banks and automakers. When comparing convertibles to all nonconvertibles, the drop-tops hold their value just slightly less than the hardtops, 1 percent to 2 percent on average. When comparing convertibles to their hardtop counterparts, the gap is a bit wider, about 2 percent to 3 percent on average. Just four convertibles currently on the market — BMW 3-series, BMW 6-series, BMW Z4 and Lexus IS — actually hold their value slightly better than their hardtop counterparts.
While there’s really a mixture of pros and cons to owning a convertible, buying a drop-top really comes down to a matter of personal choice. Knowing the advantages and disadvantages can help you make a smart choice as you are car shopping.