Analysis conducted by Cars.com Inc (NYSE:CARS) shows that convertibles constitute about 0.8% of sales at U.S. dealerships. According to Cars.com data analyst, David Greene, the market for convertibles is mostly aspirational as there are about 30 convertible models which is more than four times the number of minivans available.
“When compared to a segment like minivans, which has just seven models available and double the sales market share of convertibles, it is obvious just how aspirational the convertible segment is,” said Greene.
Wide range of prices
Convertibles are, however, not just targeted at luxury shoppers as the prices at which they are available range from affordable to very expensive. As an example the asking price for a Fiat 500 Cabrio at a dealership is $19,283 while that of an Audi R8 Spyder is $190,875. This is an indication that there is a price for convertibles that suits just about any market.
The most popular convertibles in the United States according to the activity on the Cars.com website are Fiat 124 Spider, Chevrolet Camaro, Mercedes-Benz S-Class, Mazda MX-5 Miata, BMW 4 Series, Jaguar F-TYPE, Ford Mustang, Chevrolet Corvette, Mercedes-Benz C-Class and Porsche 911.
Popularity by State
Not all states are equal when it comes to interest in convertibles. The top-five states where this type of car is most popular are Hawaii, New York, Connecticut, New Mexico and Nebraska. States where convertibles are least loved include Idaho, Montana, Alaska, North Dakota and Kansas.
The top-five states with the highest number of convertible sales were New Jersey, California, Maryland, Connecticut and Florida. Top-five states with the lowest figures with regards to convertible sales on Cars.com were Montana, Vermont, Alaska, Idaho and North Dakota.
According to Greene the reason states such as Hawaii, California and Florida ranked highly with regards to high convertible sales or high popularity of this kind of vehicle was the fact that their population of wealthy residents is high. Additionally they enjoy sunshine all year round and thus owning a convertible is a perfect lifestyle choice.
On Tuesday shares of Cars.com Inc fell by 1.63% to reach a figure of $24.20.