Solving the Helmholtz equation with spatially resolved finite element method (FEM) approaches is a well-established and cost-efficient methodology to numerically predict thermoacoustic instabilities. With the implied zero Mach number assumption all interaction mechanisms between acoustics and the mean flow velocity including the advection of acoustic waves are neglected. Incorporating these mechanisms requires higher-order approaches that come at massively increased computational cost. A tradeoff might be the convective wave equation in frequency domain, which covers the advection of waves and comes at equivalent cost as the Helmholtz equation. However, with this equation only being valid for uniform mean flow velocities it is normally not applicable to combustion processes. The present paper strives for analyzing the introduced errors when applying the convective wave equation to thermoacoustic stability analyses. Therefore, an acoustically consistent, inhomogeneous convective wave equation is derived first. Similar to Lighthill’s analogy, terms describing the interaction between acoustics and non-uniform mean flows are considered as sources. For the use with FEM approaches, a complete framework of the equation in weak formulation is provided. This includes suitable impedance boundary conditions and a transfer matrix coupling procedure. In a modal stability analysis of an industrial gas turbine combustion chamber, the homogeneous wave equation in frequency domain is subsequently compared to the Helmholtz equation and the consistent Acoustic Perturbation Equations (APE). The impact of selected source terms on the solution is investigated. Finally, a methodology using the convective wave equation in frequency domain with vanishing source terms in arbitrary mean flow fields is presented.