Convertible Owners More Educated, Affluent: Study

Convertible Owners More Educated, Affluent: Study

A new study about convertible owners might surprise you.

According to Experian Automotive, convertible owners are more educated and affluent, despite the fact that convertible sales have been on the decline in recent years. Focusing on the first quarter of 2014, the study found that half of all convertible buyers have at least a bachelor’s degree compared to 38.2 percent of all new car buyers. Nearly 20 percent of convertible owners had incomes of at least $175,000 a year while 11.7 percent of them owned homes worth more than $1 million.

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In the general market, 10.7 percent of car buyers had incomes of at least $175,000 a year while only 4.4 percent of them owned $1 million or more homes.

“Our research shows that convertible drivers also tend to be more affluent than the average new car buyer. One explanation to this could be that more luxury brands tend to have a convertible option,” said Brad Smith, director for Experian Automotive.

So which convertibles are the top sellers in the first quarter of 2014? The Ford Mustang, Chrysler Sebring, Mazda Miata MX-5, BMW 3 Series and Chevrolet Corvette led the way. According to Experian, there are 4.5-million convertibles registered in the U.S., comprising of just 1.8 percent of all vehicles on the road.

As for where all those convertibles are lurking, the top three states might not come as a surprise. California leads the way with 13.4 percent while Florida houses 9.6 percent of all convertibles sold. In third is Texas with seven percent.

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  • Patricia Yohn

    I would have to say that convertibles are also popular with 60 year old widows and they are great for getting your Vitamin D!