For the second year in succession, prices of used convertibles have underperformed.

A record supply of used drop-tops is having an impact, but so too is the UK’s deteriorating economic climate.

“The credit crunch is inevitably playing a part, and convertibles are particularly vulnerable to consumer belt-tightening as they are seen as a luxury purchase.

"They are also often less fuel efficient than conventional saloons and hatchbacks - not a particularly desirable trait given widespread fears about spiralling fuel prices,” said Jeff Paterson, chief car editor at EurotaxGlass’s.