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2015 Ford Mustang (Ford)
2015 Ford Mustang (Ford)

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Convertible owners are more educated and affluent, study says Add to ...

Drive a new convertible? Chances are good then that you are an affluent baby boomer with at least a bachelor’s degree. Oh, and your ragtop of choice is probably a Ford Mustang - which you park in the driveway of your million-dollar-plus home.

That’s according a recent trends analysis conducted and released Tuesday by Experian Automotive, a data research company located in Schaumburg, Ill. It found that 50 per cent of all American convertible buyers have at least a bachelor’s degree, compared to 38.2 per cent of average new car buyers.

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The analysis, profiling buying habits from the first quarter of 2014, revealed that 19 per cent of convertible consumers had an average household income greater than $175,000 (all figures U.S.) and 11.7 per cent owned a home worth more than $1 million. Only 10.7 per cent of average new car buyers had a household income that rich and only 4.4 per cent owned a house that valuable.

Not surprisingly, the top three states for registration of convertibles in the first quarter of the year were in the south: California (13.4 per cent), Florida (9.6 per cent) and Texas (7 per cent).

The Ford Mustang was “the convertible vehicle model of choice across all 50 states,” according to Experian, followed by the Chrysler Sebring, Mazda MX-5, BMW 3-Series and the Chevrolet Corvette.

Other findings:

  • 72 per cent of consumers buying a convertible were older that 45, compared to 60 per cent of average new car buyers
  • 52 per cent did not have a child living with them, compared to 42 per cent of average new car buyers
  • There were 4.5 million convertibles on American roads in the first quarter, accounting for 1.8 per cent of the U.S. automotive market.

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