Cutting Costs When Buying A Convertible

Choose a used convertible

Used cars are always way cheaper than brand new cars. Browse online marketplaces to see what deals you can find in your area on convertibles. On top of trying used dealerships, consider looking into private sellers. Make sure to inspect the car in person before you buy it, and give the vehicle a test drive to make sure there are no undisclosed issues like strange noises or unsettling warning lights.

Select the right make and model

So many different models are now available as convertibles. For those who don’t want anything fancy, consider models like Peugeot 207s and Fiat 500Cs. You can also buy relatively cheap Mini convertibles, as well as relatively affordable Mazda MX5s if you want something sportier. Luxury cars will cost a lot more, but there are ways to slash costs such as taking advantage of models that depreciate a lot including BMW Z4s and Audi A5s.

Shop in winter

For obvious reasons, convertibles are most in-demand in summer. Most people don’t want to wait a few months to drive around with the roof down, and as a result sales slow down in the colder months. The biggest benefit of buying in winter is that you can sometimes find discounts of 10 to 20% on some models. This makes it a great time to shop for a convertible car on a tight budget.

Compare finance deals

Interest rates and monthly payments for car finance deals vary a lot. PCP (personal contract purchase) has become an increasingly popular finance option for those wanting to save money upfront – instead of evenly dividing the value into fixed monthly payments, PCP involves low monthly payments and then a large balloon payment at the end. You don’t have to pay this balloon payment and can trade in the car instead if you prefer, making it a viable way to buy a convertible on finance with low monthly payments. Most dealerships will help you find a lender, but you can always look for finance independently instead.

Lease instead of buying

Lease deals typically come with much lower monthly payments than car finance. When shopping for a brand new convertible, leasing can be the most affordable way to go, but understand that you will have to return the car in a couple years. Maintenance is covered by some lease deals, and there can be tax advantages for business owners too. The drawbacks of leasing are that you cannot modify the car, you cannot sell it and you may have to stick within mileage restrictions. Take your time to compare different lease deals to find the most affordable solution.

*Disclosure: This is a collaborative post