Astute buyers are snapping up convertibles for long-term value despite the bad summer weather, writes Daniel Attwood
Irish motorists attracted to the idea, if not the reality, of open-top motoring are continuing to buy new and used convertibles despite the dismal summer weather.
Sales of new convertibles remain strong with traditional soft-tops, such as the Audi A4 and the Saab 9-3, which is now coming to the end of its current model lifecycle, continuing to do well.
In addition, sales of the hardtop convertibles, such as the new BMW 3-Series, are performing above expectations.
So far this year, 112 motorists have bought the 3-Series Convertible, for the same period last year that figure stood at just 49, although many buyers would have delayed their purchase until this new model arrived.
Even sales of the smaller Mini convertible have held up well - just two fewer have been sold compared to last year - considering the few chances there have been for drivers to get their tops off. The strong sales performance of the new convertibles is reflected in continuing demand for second-hand open-tops, with buyers willing to pay top prices for used convertibles despite the inclement weather.
Sales were given a premature boost following the April sunshine, but some feared the poor weather since then would have devastated summer sales - the traditional convertible selling time. However, the expected downturn has not materialised.
Astute buyers, it appears, are looking beyond the poor summer and know that convertibles or cabriolets can make financial sense, particularly for those who retain ownership of the vehicle for a few years.
In Ireland, convertible sales have experienced strong growth over the past few years. And, as an increasing number of manufacturers switch to folding hardtops, sales are no longer so weather dependent. On average, such models retain more of their residual value than their saloon or hatchback counterparts.
In many cases, while they may have a higher starting price, the actual monetary depreciation may be no greater than the equivalent hatchback, although this is not always the case.
For example, while a compact 1.6-litre four-door family car such as a Ford Focus costs €22,110, its hardtop convertible counterpart will set buyers back over €10,000 more.
Depreciation over three years remains the same for either model, with both losing 44 per cent of their showroom price over the period.
If one steps up a level to the likes of the soft-top A4 Cabrio or the new folding hardtop 3-Series Convertible, the residual values are more favourable.
A standard executive car will lose 47 per cent of its value over three years, while a convertible equivalent will lose only 43 per cent.
Splash out on a new luxury model, like the Porsche Carrera Cabriolet and the difference in residual values can be as high as a 6 per cent between the fixed roof and the cabrio versions after three years, which can equate to as much as a €10,000 saving.
Eoin Lynam, commercial director with GE Money, says the psychology of the convertible consumer means looks will always win out over practicality. While some would argue that the aesthetics of many hardtop convertibles currently on the market are anything but pleasing to the eye, fashion-conscious buyers clearly disagree.
In addition, says Lynam, convertibles are becoming more mainstream, so for many buyers it's a case of keeping up with the Joneses.
"Unsurprisingly, price is not a chief consideration when choosing the open-top of your choice," he says.
"Buyers in this market want premium quality with all the added extras and are willing to pay for this."
A recent study into the cabrio/convertible market by GE Money highlights some aspects buyers should be aware of. For example, the gap between top quality used convertibles and those in poorer condition continues to widen.
In addition, it points out that not all of the current models on the market are desirable.
"Consumers are very choosy in this area and know what they want," it says.
"They are prepared for their exact requirement and in general they will not be swayed by price alone."
While demand for convertibles is strong across all segments, it has been found that the variety of top-end models now in showrooms means there may be deals to be struck.
Indeed, while Audi, BMW, Mercedes-Benz and Saab dominate the premium cabrio and convertible market, the number of mainstream manufacturers offering such models continues to grow, meaning there is much more choice for those dreaming of open-top motoring.
Inevitably, while some of these models are less desirable than others, especially at the smaller end, the majority continue to enjoy very high residual values, which proves that even in Ireland offering the dream of open-top motoring is often enough to clinch the deal.