Convertible, rag top, cabriolet, drop top, roadster, soft top……lots of different names that all mean freedom, sun on your face, wind in your hair, and pure motoring fun. Here in the Midwest, convertible season (generally May – September) is a short but glorious time to enjoy open air cruising. When you factor in the rainy days and blisteringly hot periods during July and August, ideal convertible weather is both a precious and fleeting commodity in our area. As a result, the demand for both new and used convertibles goes through rather dramatic seasonal changes. Used convertible values peak as the warm weather approaches and drop just as quickly in the fall as the days shorten and cool.
Here are some things to consider when looking to buy or sell a convertible in our region:
While new convertible’s values don’t fluctuate, as their seasonal demand increases, so will the profit margins that dealers want to make. Buying in the fall and winter may allow you to spend much less while having more inventory to choose from.
Used convertible’s values drop way down in the fall and winter. Demand is at it’s lowest and dealers must move their convertibles from inventory or sit with them until spring. Stagnant used car inventory ties up their cash, so they are motivated sellers and bargains are ready for the taking. During the off season more people tend to trade in convertibles, creating the best selection and greatest opportunity for those buyers in the market.
Trading your convertible in autumn will yield a lower trade allowance. Dealers are unwilling to offer much at this time for these vehicles because of the small demand. Therefore, if you are considering trading in your convertible, especially if it’s a later model, you may want to wait a few months until the demand returns.
Many used two seater sports cars and roadsters are already experiencing depressed values in this economy because they are often purchased as an extra vehicle to drive in nice weather. Fewer people in the market with the discretionary income to purchase these vehicles will cause these softer prices to suffer even more in the off season.
There are exceptions to every rule, and that’s the case here as well. Limited production roadsters and convertibles may not be impacted by these seasonal changes. Whether new or used, low production models always seem to have enough demand to bolster their prices.
The main point here is to be aware that there is a dramatic seasonal swing in used convertible prices in the Midwest. The differential in peak season and off season price levels is in the thousands of dollars on most late model convertibles. Knowing this can help you buy or sell at the most advantageous time of year. Likewise, buying a new convertible when it’s out of season can yield you significant savings.
