Convertible car owners tend to be wealthier and more educated

Summer is here and to get into the spirit, Experian Automotive has released findings from an analysis looking at trends on the ultimate summertime vehicle, the convertible. The analysis shows that during the first quarter of 2014, convertible car buyers tended to be wealthier and have a higher education than the average new car buyer.

More than 50% of all the people who bought convertibles in the first quarter of 2014 had at least a bachelor’s degree. This is in comparison to the 38.2% of average new car buyers who had a similar level of education.

On top of this, almost 19% of consumers purchasing a convertible had an average household income in excess of $175,000, and 11.7% owned a home that was valued at more than $1 million. On the other side, only 10.7% of average new car buyers had a household income of the same level, and only 4.4% owned a home valued at the same price.

“The one long-standing perception of convertible vehicles is that they are driven predominately by consumers who live in sunny, coastal areas,” said Brad Smith, director for Experian Automotive. “While that notion certainly rings true, it’s not the only difference. Our research shows that convertible drivers also tend to be more affluent than the average new car buyer. One explanation to this could be that more luxury brands tend to have a convertible option.”

Experian Automotive, as part of the analysis, also looked at where the majority of convertibles were registered in the first quarter of 2014. They found that almost 40% of all convertibles in the United States were registered in just five states: California (13.4%), Florida (9.6%), Texas (7.1%), New York (4.3%), and Illinois (3.9%).

Furthermore, the top five designated market areas (DMA) for convertibles in the first quarter of 2014 were Los Angeles (6.4%), New York City (5.2%), San Francisco (2.9%), Chicago (2.9%), and Atlanta (2.5%). Read more about the story here.