Spiffy new convertibles target new crop of Baby Boomers
— -- Nothing shouts midlife crisis like a convertible — and automakers are rolling out new models to appeal to Baby Boomers hitting prime time.
Nissan's nsany Infiniti has announced a new drop-top version of its G37 sports coupe. General Motors gmwill deliver the Camaro convertible by June 2010. And Toyota's tm Lexus will unveil an open-air version of its sporty IS.
Who will buy them?
Many convertible buyers fit the midlife crisis profile: empty nesters hitting their peak buying-power years and craving a little reward.
"It's one of those urban myths that's not a myth," says Jack Nerad, analyst for Kelley Blue Book. "There's a romance associated with them."
The median buyer's age of one of the most popular convertibles, the Ford Mustang, is 44.
About 2% of car buyers will buy a convertible, says Tom Libby of Power Information Network. "It's small, but it's stable," he says of the market. And affluent. That's one reason some of the most prominent convertibles these days come from luxury brands, such as BMW, Mercedes-Benz and Cadillac. Most convertibles are variants of performance or specialty models.
Convertibles are steeped in automotive history. Whether it was a big Cadillac or Ford, many full-size family cars came as drop-tops through the carefree 1950s and 1960s.
Then came crime and safety concerns. In his autobiography, former Chrysler CEO Lee Iacocca tells how Detroit automakers stopped offering convertibles after the 1976 Cadillac Eldorado. After getting notice with a test version of the Chrysler LeBaron in 1982, Iacocca writes, he saw the need to revive it.
Today's convertibles tout safety. Chrysler points to its Sebring as having a top five-star side-impact rating. Ford says its current Mustang is the first specialty sports car ever to earn five-star ratings in all categories from the National Highway Traffic Safety Administration. It says the next-generation 2010 Mustang will come in a convertible version.
Chrysler Sebring comes in hard-top and soft-top versions. Volkswagen goes a step further with its Eos: an operable sunroof built into the convertible roof. "It's the best of both worlds," explains spokesman Tom Wegehaupt.
Even though some convertible models have fallen by the wayside, such as Chrysler's PT Cruiser, others are coming. Chevy will have its Camaro convertible in showrooms by June 2010, about a year after the coupe makes its debut. Infiniti's G37, its first for the G line, will come out as a mid-2009 model. And Lexus is set to unveil an IS convertible next month at the Paris Motor Show.
Nerad, 55, says he sees the appeal, having owned a 1962 Chevy Corvette convertible since 1974. "I was in midlife crisis when I was in my 20s," he says.