4 Affordable Convertible Cars for a Luxurious Retirement
Written by
Andrew Lisa
Edited by
Amber Barkley
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The word “retirement” conjures different images for different people. For some, it’s endless hours playing golf, fishing or doing any other beloved pastime that their careers kept them away from during their working years. For others, it’s traveling the world or even starting a business.
But for some people, the concept of retirement means one thing and one thing only — cruising the open road with the top down.
But convertibles are pricey, and expensive ragtops might be too much for many nest eggs to support, especially if they’re difficult to maintain, bad on gas or prone to breaking down. GOBankingRates spoke with an auto industry expert who identified four convertibles that check all the right boxes for retirees — relatively low MSRPs, strong reliability ratings and manageable long-term ownership costs.
Here are the convertibles to consider if you want to retire with the top down, the wind in your hair and the eyes of the other drivers fixated on you with envy.
Mazda MX-5 Miata
TrueCar ranks the Mazda MX-5 Miata as the cheapest convertible on the market for 2024. Its starting MSRP is $28,985, making it the only soft-top that retirees can buy new for less than $30,000.
Not only is it affordable to buy, but it’s cheap to own. RepairPal gives it a stellar four-star reliability rating, writing, “The average annual repair cost is $429, which means it has excellent ownership costs. Repairs are less severe and less frequent than the average car, so the MX-5 Miata is one of the more reliable vehicles on the road.”
But there’s more to the MX-5 than just price.
“If driving thrills are the main reason for buying a convertible, there’s no better way to spend hard-earned money than to buy a Mazda Miata convertible,” said Matas Buzelis, an automotive expert with carVertical, an international company specializing in vehicle history reports. “The main attraction of the Miata is the way it drives. It’s light, nimble and very predictable. Furthermore, its lightness and simplicity make it very easy to repair and maintain.”
Mini Convertible
The No. 2 cheapest ragtop on the TrueCar list is the Mini Convertible, an adorable soft top that exudes playful Southern California charm.
“Mini’s convertible is proof that small cars can have big car qualities,” said Buzelis. “The build quality, the equipment and the technology will make an impression. Best of all, it comes in a very small package, making it easy to park, fuel-efficient and affordable.”
Edmunds lauds its “excellent handling,” which “makes it fun in turns and curves,” and calls the interior “classy and upscale-looking.”
It has a starting MSRP of $35,700. Although that’s not terribly expensive for a convertible, it might be out of reach for retirees on a budget. If so, you can shave five figures off that price tag with a gently used late model. For example, KBB currently lists a 2022 Mini Convertible with a little over 26,000 miles for around $25,000.
Ford Mustang
America met the Ford Mustang at the 1964 World’s Fair as the original pony car. Soon after, the Baracuddas, Cougars and Firebird Trans Ams came and went, and 60 years later in 2024, it became the last one standing when Chevrolet retired the Camaro.
The Mustang, both the first and last of its kind, is still available as a convertible, just like at the ’64 World’s Fair.
“The Mustang is the most versatile option,” said Buzelis. “It’s big enough to comfortably seat four adults and accommodate their luggage for a trip around the county or the whole country. Furthermore, even the weakest version of the Mustang still has plenty of poke to feel comfortable on the interstate or country roads.”
The EcoBoost Mustang Convertible starts at $39,020, with more expensive EcoBoost Premium and GT Premium models starting in the $40,000s and $50,000s. If that’s too rich for your blood, KBB says a gently used three-year-old model just off lease from 2021 has a fair market value in the mid-$20,000 range.
Chevrolet Camaro
This is the last year to buy a new Camaro — a classic American pony car that looks great with the top down — which Chevy has discontinued after 2024.
It didn’t make Buzelis’s shortlist, but TrueCar ranks it as the No. 3 cheapest convertible on the market, behind only the Miata and Mini. It starts at $30,900, but if you’re willing to go a few model years back, KBB says the fair market value of a used 2021 Camaro convertible is just over $24,000.
It’s the end of an era that began in 1966, just two years after Ford captured the country’s imagination with the Mustang’s debut — but for you, it could be the beginning of a high-octane, high-horsepower retirement.
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