Here’s a little more proof that the sun has stopped shining on the U.S. auto industry — convertible registrations dropped 8.6 percent in 2007, roughly double the decline of the industry as a whole. The drop-off is the first for the convertible segment since 2003 and ends a four-year period of growth.
The decline is believed to be caused by the U.S.’ economic downturn. Most convertibles are purchased as second or third vehicles, but with the U.S. economy sagging, most consumers are cutting out unnecessary purchases. “Despite the increased availability of retractable hardtops, which have made convertibles more appealing to many consumers, they are still considered discretionary purchases and were impacted by reduced consumer spending and conservative economic attitudes,†R.L. Polk & Co. consultant Mark Pauze told Automotive News.
Ford ’s Mustang remained the top-selling convertible in 2007, but its registrations slipped by 33 percent to just 32,694. The Chrysler Sebring convertible took the number two spot, with its registration total rising by 2.7 percent to 20,373.
