Retail customer interest in the convertible market has historically risen for the summer and fallen away in winter but CAP believe this volatility will reduce as buyers are won over by the weatherproof security offered by the new breed of folding hard-top models.
The British love affair with convertibles makes the UK second only to Germany as the biggest market for open top cars. Figures from the Society of Motor Manufacturers and Traders show that in 2006 they represented 4.3% of all new registrations compared with 1.5% a decade earlier.
And despite this year’s wet summer, almost one in three retail used car dealers reported that demand for convertibles remained high.
According to CAP New Vehicle Data, folding hard tops represent 29% of the entire convertible market today. In 2004 there were 41 convertible model ranges available to UK new car customers, seven of which featured folding metal roofs, representing 17% of the sector. At present there are 55 convertible model ranges available, of which 16 are metal folding - approaching a third of the total sector offering.
Analysis of CAP Black Book, the industry benchmark guide to current used car values, convertible prices have proved robust this year, despite the twin-pronged pressures of increased volume in the marketplace and poor weather.
When comparing average month-on-month values for the entire sector, the most significant pricing movements have been related to the new plates in March and September. Otherwise, the underlying used values trend for convertibles so far this year has been of stability.
Retail used car dealers confirm the growth in popularity of hard top convertibles, with more than 60% saying their customers prefer them to canvas roof variants. And a quarter of dealers report that demand for convertibles in general is continuing to rise, despite the approach of winter.
Jeff Knight, CAP Forecast Manager, first predicted the stabilising impact of metal folding roofs on the convertible market last year. He said: “Regardless of build quality, customers perceive canvas roofs as more vulnerable to the winter elements while hard tops remove those concerns.
“We still have to see whether this ingenious but complex metal folding roof technology remains problem-free in the long term. But at the moment, the signs are that these cars are enjoying high consumer demand regardless of the season.”