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These 10 Affordable Convertibles Make Great Investments

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By Jim Gorzelany

On a warm day with a cloudless sky above and an open road ahead, chasing the sun to the horizon in an open-top car is a truly singular automotive experience. Unfortunately the ragtop market is all but dormant these days, with few buyers remaining to choose from a dwindling number of open-top autos in dealers’ showrooms.

Where most mainstream cars were once commonly offered in convertible versions, only a relative handful of ragtops remain for the 2015 model year. And aside from the fleets of Chevrolet Camaros, Ford Mustangs and Mazda MX-5 Miata convertibles sold to rental car companies in warm weather travel destinations, convertibles are finding few buyers these days as “reward cars.” The segment accounts for just around two percent of the new-car business, according to IHS Automotive.

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At that, many enthusiasts are instead turning to the classic-car market for the sake of nostalgia and added exclusivity. You might see several Mercedes-Benz and BMW sedans and SUVs in a given country club’s parking lot, but it’s less likely you’ll find the average member driving a 1968 Corvette convertible or a 1966 Alfa Romeo Giulia Duetto Spider. And while the most coveted full restorations can sell for unimaginable amounts of money, plenty of affordable vintage ragtops remain available that can serve admirably as a fair-weather friend, and perhaps even increase in value over time.

To that end, collectible car insurer Hagerty in Traverse City, Mich. has put together a list of its 10 favorite classic convertibles for summer fun. All sell for between around $5,000 to $35,000, present what Hagerty calls “a sound financial decision” and have proven to be reasonably reliable with repair parts readily available. We’re featuring the full list in the accompanying slideshow with our own commentary.

Click for gallery: These 10 Affordable Convertibles Make Great Investments

“There is nothing like driving a convertible. They force you to slow down and enjoy your surroundings rather than just drive to a destination. They were designed and built to put pleasure into driving,” says McKeel Hagerty, the company’s CEO. ”So, in deciding this list of our favorite classic convertibles we selected cars that provide the broadest range of fun, value and stop-them-in-their-tracks good looks.”

Among Hagerty’s list are some easy choices, including vintage American iron in the form of the Chevrolet Corvette and Ford Mustang ragtops, as well as a few enduring European entries from Alfa Romeo, BMW, Mercedes-Benz and Porsche. Among the most affordable on the list are classic versions of the pert and peppy Mazda Miata and Toyota MR-2, while the costliest in the bunch is the block long Lincoln Continental convertible from the 1960’s.

And with older trucks starting to rise in value on the collector market, Hagerty included one unique open-top SUV, the rough-and-tumble International (as in International Harvester – now Navistar – the farm machinery manufacturer) Scout from the 1960’s.

As is prudent advise when buying any used car, always buy a collectible auto from a reputable source and never buy one sight-unseen from an out-of-town seller. Always have an expert mechanic check out a model under consideration to ensure you’re getting exactly what you’re paying for. Also, make sure the technician you choose is well versed in the peculiarities of the particular genre of vehicle in which you’re interested, whether it’s American muscle or the eccentricities of British sports cars.

Make sure any potentially collectible car you’re considering is well documented and is in the best condition within a given class you can afford. Keep an eye out for originality – the fewer numbers of a particular model built or the rarity of a particular option combination installed can enhance its value. Likewise, the fewer miles on the odometer the better.

Enjoy the ride.

Click for gallery: These 10 Affordable Convertibles Make Great Investments


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