Convertible Registrations Drop for First Time Since '03

SEE ALSO: All Convertible Specs, Pics and Prices

Washington DC May 16, 2008; The AIADA newsletter reported that there is more bad news for the U.S. auto industry: Convertible registrations, which grew steadily the past several years in the United States, slumped in 2007, dropping 8.6 percent. Automotive News reports that the segment fell below 300,000 new registrations last year for the first time since 2003.

Convertibles maintained about a 2 percent share in the U.S. light-vehicle market even though registrations dropped by more than twice the rate of the overall market decline. "Despite the increased availability of retractable hardtops, which have made convertibles more appealing to many consumers, they are still considered discretionary purchases and were impacted by reduced consumer spending and conservative economic attitudes," R.L. Polk & Co. consultant Mark Pauze said in a statement.

Each of the top 10 U.S. convertible markets by registrations posted a decline in 2007 compared with the year before. That includes a 1.2 percent drop for both No. 1 New York and the 2006 leader, Los Angeles.