U.S. Convertible Market Declines for Second Year in a Row, According to R. L. Polk & Co.
 2005 BMW 6 Series Convertible |
SOUTHFIELD, Mich., March 22 -- Total U.S. convertible registrations reached 296,433 units for the 2003 calendar year, a 2.3 percent decrease compared with 2002. After experiencing strong growth in the late 1990s peaking in 2001 with over 310 thousand units, the U.S. convertible market has slowed in recent years, off 4.6 percent in the 2003 calendar year from its recent high-water mark.
"Convertibles are a more discretionary purchase than most vehicles and are sensitive to changes in consumer confidence and buying attitudes," said Lonnie Miller, director of Polk's Analytical Solutions. "Having seen consumer confidence remain relatively low for most of 2003, it is not surprising that the convertible market was adversely affected. The production of new specialty vehicles is also providing consumers with more shopping choices."
The 2003 model year saw the introduction of some new niche convertibles such as the VW New Beetle, the Nissan 350Z, the New Dodge Viper, the BMW Z4 and the Cadillac XLR Roadster. These launches were offset by several convertibles exiting the market or aging in their lifecycle like the VW Cabrio, the Camaro and Firebird convertibles, the BMW Z3, Mitsubishi Eclipse, Toyota Solara and Mazda Miata.
"The direction of the convertible market in 2004 will be determined by consumer sentiment. The overall automobile market is forecast to rise in 2004, and we are expecting a similar move in the convertible market depending on a real change in consumer spending attitudes and employment," said Miller. "There are several new convertibles that will be coming onto the market this year that will create interest like the Mini Cabrio, the Crossfire Convertible, the PT Cruiser Convertible and the new Mercedes SLK. Manufacturers continue to use convertibles for their halo effect of drawing in new customers. New and freshened convertible choices are important to this capricious market."
The Chrysler Sebring and Ford Mustang retained their number one and two positions with 42,476 and 41,289 registrations respectively. The VW New Beetle rose to third place with 23,316 registrations followed by another newcomer, the BMW Z4, successor to the BMW Z3, with 18,852 registrations. Finishing out the top 5 was the Ford Thunderbird at 18,056 registrations.
Change in U.S. Convertible Registrations vs. The General Market
1999 2000 2001 2002 2003
Change in Total
Registrations (vs. prior year) 8.0% 6.1% -0.8% -2.7% -1.4%
Change in U.S. Convertible
Registrations (vs. prior year) 7.4% 6.6% 11.0% -2.4% -2.3%
U.S. Convertible Registrations
1998 1999 2000 2001 2002 2003
Total U.S.
Convertible
Registrations 244,652 262,762 280,088 310,883 303,353 296,433
Top 10 Convertibles in 2003
Rank Make Model 2003 CY
1 CHRYSLER SEBRING 42,476
2 FORD MUSTANG 41,289
3 VOLKSWAGEN NEW BEETLE 23,316
4 BMW Z4 18,852
5 FORD THUNDERBIRD 18,056
6 MERCEDES-BENZ SL 13,009
7 MITSUBISHI ECLIPSE 12,382
8 MAZDA MIATA 11,308
9 CHEVROLET CORVETTE 10,928
10 LEXUS SC430 10,548
Source: R. L. Polk & Co. U.S. registrations
About R. L. Polk & Co.
R. L. Polk & Co. is the premier provider of automotive information and marketing solutions. Polk collects and interprets global data, and provides extensive automotive business expertise to help customers understand their market position, identify trends, build brand loyalty, conquest new business and gain a competitive advantage. Polk helps automotive manufacturers and dealers, automotive aftermarket companies, finance and insurance companies, advertising agencies, consulting organizations, government agencies and market research firms make good business decisions. A privately held global firm, Polk is based in Southfield, Mich. with operations in Australia, Brazil, Canada, China, France, Germany, Italy, Japan, Mexico, the Netherlands, Spain, the United Kingdom and the United States. For more information, please visit www.polk.com .
