The final redesign of the Volkswagen Karmann Ghia occurred in 1972 models, which adapted the hefty bumpers first introduced on the Beetle in 1968. These would carry through to 1974 when VW finally discontinued the Karmann Ghia.

Both 1972 Karmann Ghia models also received the larger Type 3 taillights and a four-spoke safety steering wheel, designed to collapse on impact, and inertial-reel seatbelts. Heater controls were relocated, and door and window seals improved. Pebble dash plastic now covered the dashboard and door tops. The instrument panel was redesigned with the fuel gauge and clock in two round instruments.

Karmann Ghia models utilized the final version of their engine – the twin-port 1,585 cc flat four, now producing 46 net bhp. A 3-speed semi-automatic transmission (called Automatic Stick Shift) was offered, but it was never very popular and quite a few cars were subsequently fitted with 4-speed manual gearboxes.

Coupe sales declined sharply this year to 12,434 and Convertible production dropped almost 50 percent to 2910. Prices rose 10 percent for the 1972 Volkswagen Karmann Ghia, with the Coupe costing $2750 and the Convertible $3099. Exterior colors remained 12 in number.