Convertibles are Back with a Vengeance
Published By : 12 Jan 2015 | Published By : QYRESEARCH
Sales of convertible cars had suffered from the 2008 recession, with flaunting such flashy cars becoming socially unacceptable in times of economic instability and plummeting incomes. However, with the American economy now firmly on its way to a strong recovery and the lingering aftereffects of the recession about to be shed, automakers are relying on the new wave of prosperity by bringing in a slew of new convertibles. Thanks to bumper stock returns, customers are once again gaining their lost confidence in the economy, and are getting ready to spend their newly earned disposable income on ostentatious cars.
Global car giants Alfa Romeo and BMW are both expected to unveil new convertibles at the Detroit Auto Show later this week, and, if automotive analysts are to be believed, this is the start of a wider trend of new convertibles in the automotive world.
The number of new convertibles in the American market is expected to be the highest for more than a decade, according to IHS Automotive, a leading automotive industry analysis firm. IHS’s analysts expect to have 60 convertible models in the American market in 2015, 12 more than in 2008, 15 more than in 2014, and the highest since the turn of the millennium.
“The fear of conspicuous consumption is dead,” commented AutoTrader.com senior analyst Michelle Krebs. “Everybody's getting back into performance and the sexy, flashy mode. Convertibles play into that.”
Buick will also join Alfa Romeo and BMW by releasing a historic convertible, the General Motors-owned carmaker’s first in a quarter of a century.
The advent of new convertibles is expected to drive up sales, helping ailing carmakers such as Alfa Romeo and Buick.