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If You Drive a Convertible, Chances are You’re Rich

A recent study found that if you 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 c

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. The interesting part of this study is the type of convertible that are being purchased.  What is Ford doing that allows their cars to be purchased and driven into the driveway of a million dollar home?

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