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Drop your top: It’s comeback time for the convertible
Photo
This undated product image provided courtesy of General Motors shows the Buick Cascada convertible, which was unveiled Sunday, in Detroit. Automakers are rolling out new convertible models at a time when many consumers are gaining confidence in the economy and have more money to spend on less practical big-ticket items thanks to juicy stock market returns.
Associated Press
DETROIT
Americans are ready to let their tops down and feel the wind blow through their hair.
That’s the feeling among automakers as they roll out new convertible models at a time when many consumers are gaining confidence in the economy and have more money to spend on less-practical big-ticket items thanks to juicy stock market returns.
At the Detroit auto show later this week, Buick, Alfa Romeo and BMW all plan to show off glitzy open-air models to capitalize on that newfound confidence, and industry analysts expect more to come.
IHS Automotive, an industry consulting firm, predicts there will be 60 convertible models in the U.S. by 2020, 15 more than last year and the most since at least 2000. “New models drive sales up,” said IHS senior analyst Stephanie Brinley, whose firm expects convertible sales to rise 63 percent from 152,400 last year to 248,000 in 2020.
After the recession, sales of convertibles tailed off. Automakers, realizing that it wasn’t socially acceptable to flaunt wealth while others were struggling, rolled out few new ragtop models after the recession. There were 48 six years ago; now there are 45. As vehicle development budgets were cut during the recession, convertibles were early casualties, says Brinley.
But now, with unemployment down and the stock market and luxury car sales up, automakers are looking for niches such as convertibles to increase sales in a competitive market. IHS estimates that convertible sales grew nearly 9 percent last year.
“The fear of conspicuous consumption is dead,” says Michelle Krebs, senior analyst with AutoTrader.com. “Everybody’s getting back into performance and the sexy, flashy mode. Convertibles play into that.”
Convertibles range in price from around $20,000 to about $850,000 for a Porsche 918 Spyder.
At the Detroit show, General Motors is unveiling the Cascada, a Buick version of a stylish Opel convertible from Europe. Fiat Chrysler, apparently believing that convertibles are best left for niche brands, will show off the Alfa Romeo 4C Spyder hardtop that can be converted to open air, while BMW has a refreshed M6 high-performance convertible.