Total convertible registrations for the U.S. in 2002 reached 302,320, a drop of 2.7 percent from 2001. Despite the drop, 2002 was just the second year in the past 30 that convertible registrations topped the 300,000 mark.
Although the total number of convertibles was down in comparison with 2001, convertibles made up a larger percentage of the total passenger car market, accounting for 3.8 percent of total passenger car registrations in 2002 compared with 3.6 percent in 2001.
"Convertibles continue to be an important and growing part of the automotive market in the U.S.," says Lonnie Miller, director of analytical solutions at R. L. Polk & Co. "Car companies use them to build showroom traffic, evolve brand image, and attract new buyers into a franchise. New convertibles like the Audi A4, the BMW Z4, the Ford Thunderbird, and the New Beetle Convertible from VW continue to infuse life and interest into this segment. The growing number of new convertible offerings gives evidence of the strategic importance they play both for consumers and manufacturers."
The convertible market in the U.S. has been very healthy since the mid 1990's. The 2001 high-water mark was the first time in over 30 years that the U.S. convertible market surpassed the 300,000 unit level. While the convertible market was down 2.7 percent from the previous year, the general U.S. passenger car market fell 6.0 percent in 2002 and the overall U.S. light vehicle market was down 3.3 percent.
The Chrysler Sebring Convertible regained the title as the top-selling ragtop in 2002 after a two-year hiatus, with 43,809 registrations. The Ford Mustang, which had been in first place, came in second with 42,418 registrations. The Ford Thunderbird jumped to third place from its introductory level of 22nd in 2001 with 19,356 registrations.
"Convertible sales are not restricted to warm weather climates, but are popular throughout the country," remarked Miller. "Larger DMAs around the country are important convertible markets. However, when we look at retail convertible registrations as a percentage of overall passenger car sales, warmer climate markets come to the top of the list."