This Is the Salary You Need To Afford a Luxury Convertible
Driving with the top down on a beautiful day is one of the most quintessential of summer experiences. Unfortunately, if you’re planning to take that trip in a luxury convertible, the reality of how much that might cost can be a real bummer. According to U.S. News & World Report, a luxury convertible now averages $126,710 in MSRP, based on the five top-ranked models. Depending on where you live, you might need as much as a half a million dollars in annual income to actually afford owning one.
To find the exact answer, MoneyLion crunched the numbers using vehicle spending data from the U.S. Bureau of Labor Statistics (BLS) Consumer Expenditure Survey, state insurance averages from CarInsurance.com and loan costs based on a 72-month term with 20% down and excellent credit. Find out below the salary needed to afford a luxury convertible (hint: it may vary depending on the state it's purchased in).
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Where the Dream Costs the Most
The salary you need to afford a luxury convertible depends on the cost of the vehicle and where you purchase it. Perhaps not surprisingly, your luxury convertible will cost you the most in California. Based on the numbers, you’d spend $1,917 monthly loan payment, gas, insurance and repairs on average. That translates to a salary of roughly $429,460 a year to be able to afford a luxury convertible there without straining your finances.
Louisiana isn't far behind at $429,172, followed by Nevada ($428,215), Florida ($420,204) and Michigan ($419,576).
This list shows that it’s not just the coastal states with a reputation for expensive living where a luxury convertible can be expensive. Louisiana and Michigan land in the top five mostly because of steep insurance premiums, not sky-high rent or grocery bills.
Insurance is a big factor. The combination of a convertible with a soft top and a six-figure price tag is a magnet for higher premiums almost everywhere, but this is especially true in states already known for pricier coverage. And if you file a claim on that insurance, it could spike your costs for years.
Where You Can Find Pockets of Relative Affordability
In some states, you’ll need to earn a lot less to afford a luxury convertible. However, even the “cheap” end of this ranking is in the $400,000 range.
New Hampshire is the most forgiving state on the list, requiring about $387,646 in annual income. Montana ($393,357), Arizona ($393,467), Oregon ($394,130) and Wyoming ($399,171) round out the top five most affordable.
That’s what happens when the MSRP of a car starts north of $100,000 before you even add a single option package.
Why Convertibles Are So Expensive
Convertibles command a premium because they are exciting, unique vehicles. But the total cost of owning a convertible extends far beyond simply its MSRP.
Insurers push up rates on convertibles for a number of valid reasons. They have higher repair costs, theft rates and they tend to attract drivers that represent a greater risk for insurance companies.
The average convertible owner, for example, pays more than $1,600 per year just in repair costs, according to MoneyLion's analysis of Kelley Blue Book data. That’s well above what a standard sedan owner pays. Combined with a typical loan payment above $1,800, fuel and insurance costs, you're looking at total annual ownership costs in the high $40,000s for most luxury convertibles. That can take a huge bite out of any budget and that’s before paying for necessities like rent, groceries and utilities.
This doesn’t mean the dream of a day with the wind in your hair is dead. It’s just expensive. Buying a luxury convertible in 2026 is closer to a second mortgage than a regular vehicle. If you’ve got a salary in the mid-to-high six-digit range, then you might be able to swing it with no problem. But if you’re a worker with an average American salary, however, it doesn’t really matter which state you live in, it’s still going to be quite a stretch to snatch the dream mobile.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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