Whether it’s a classic vintage model or a sleek modern convertible, these cars have a unique charm that’s hard to resist.
In this blog post, we’ll take a closer look at the world of convertible car owners and what characterizes this demographic.
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Let’s dive in.
Quick Demographic Facts About Convertible Car Owners
Convertible car owners tend to be male, married, and have a credit score of 750 or higher. The average age of a convertible car owner is 54, and they are more likely to live in urban areas and have a household income of $50,000-$99,999. They are also more likely to have a home value of $250,000-$499,999 compared to the general population.
Now let’s dive into the specifics.
Age Demographics for Convertible Car Owners
- Nearly three-quarters (72%) of convertible car buyers are older than 45 years old
- 60% of new-car buyers in general are aged 45 or older
It is evident that convertible car owners are primarily older and more educated individuals compared to the average new car buyer. This data encourages marketers and manufacturers to target this particular demographic for convertible car sales.
Here is more on problems with convertible cars.
Gender Demographics for Convertible Car Owners
- In the United States, men are more likely to own cars than women.
- Men made up over 60 percent of new car buyers, in general, between September 2020 and August 2021.
- Women represented 40 percent of new car buyers, in general, during the same period.
It’s worth noting that men’s dominance in car ownership is gradually decreasing as more women hold valid driver’s licenses. This trend suggests that the gender gap in convertible car ownership may continue narrowing in the coming years.
Ethnicity Demographics for Convertible Car Owners
- 40% of Black people were most likely out of all ethnic groups to have no access to a car or van.
- Comparatively, 33% of those from the Other ethnic group and 33% of people with a Mixed ethnicity had no access to a vehicle.
It appears from the data that vehicle access, and possibly convertible car ownership, varies significantly across different ethnic groups. Further research may be needed to explore the specific demographic trends for convertible car owners.
Education Level Demographics for Convertible Car Owners
- Convertible car owners are more likely to hold college degrees, as this level of education provides them the earning power required to purchase such vehicles.
- The age group of owners who rent out their cars, including convertibles, is primarily concentrated within the 25 to 45 age range.
In light of the available data, convertible car owners tend to be well-educated individuals within the 25 to 45 age bracket, which supports their financial capabilities in owning such vehicles.
Average Income Level for Convertible Car Owners
- Nearly 19% of consumers purchasing a convertible had an average household income exceeding $175,000.
- 11.7% of convertible owners had a home valued at more than $1 million.
- In contrast, only 10.7% of average new-car buyers had a household income of the same level ($175,000 and above).
- Only 4.4% of average new-car buyers owned a home valued at over $1 million.
The data suggests that convertible car owners generally possess a higher income level compared to the average new-car buyer, indicating that this type of vehicle tends to attract a more affluent demographic.
Other Interesting Facts About Convertible Car Owners
- More than 50% of convertible car owners have at least a bachelor’s degree, compared to 38.2% of the general population.
- Almost 19% of convertible buyers have an average household income exceeding $175,000, and around 11.7% of convertible owners own a home valued at more than $1 million.
- In contrast, only 10.7% of average new car buyers have a household income at the same level as mentioned above, and just 4.4% of new car buyers own a home valued in seven figures.
- Convertible cars are not more likely to be involved in accidents than other cars, but they have a higher likelihood of ejection during rollover crashes compared to non-convertibles.
- The Mazda MX-5 Miata RF, 2022 Chevrolet Corvette, and convertible M4 are some of the most engaging convertibles on the road, according to various sources.
- The Fiat 500, Fiat 124 Spider, Volkswagen Beetle, BMW Z4, Audi A5, Chevrolet Camaro, Mazda MX-5 Miata, and Ford Mustang are among the 10 best convertible cars for 2021, according to CarMax sales data.
- The most popular convertible car color is black, followed by white and red.
- Convertible car sales made up 1.4% of total vehicle sales in the US in 2020, and the global convertible car market is expected to grow by 1.45 million units during 2021-2025, driven by increasing demand for premium and luxury cars.
- The Mercedes-Benz S-Class Cabriolet has the highest starting price of any convertible car at $151,950, while the Mazda MX-5 Miata has the lowest starting price at $26,830, according to U.S. News & World Report.
- The Audi A5 Cabriolet has one of the highest predicted reliability ratings of any convertible car, while the BMW 2 Series Convertible has one of the lowest predicted reliability ratings, according to U.S. News & World Report.
Although the data provided is not exhaustive, it sheds light on the convertible car owner demographic, highlighting that they are generally more educated and financially affluent compared to the average new car buyer.