10 Best Convertible Car Deals for Summer 2011

NEW YORK (TheStreet) -- Buying a convertible during the summer is a quick way to drop both tops and account balances, but there are a few models that won't put the heat on car lovers by wilting their buying power.

Convertibles haven't had the smoothest ride during the recent economic downturn. In 2008, automotive marketing company R.L. Polk noted that convertible registrations were down nearly 9% from the boom years of the mid-2000s and made up only 1.9% of the total marketplace. Since then, six of R.L. Polk's top 10 convertibles -- the Toyota(TM) Camry Solara, Pontiac Solstice and G6, Chrysler PT Cruiser and Sebring and Saturn Sky -- have disappeared like a ragtop on a 90-degree day.

During that time, they also became the playthings of the privileged classes. Only the base Mazda Miata ($23,111), Mini Cooper convertible ($25,550) and Smart Fortwo Passion Cabriolet ($17,690) have starting prices below $26,000.

"The reality is that companies don't make a lot of convertibles, and they don't sell a lot of them, so they're going to be at a premium," Jean Jennings, editor-in-chief of Automobile magazine, told TheStreet last year when the Chrysler Sebring's fate was still in question. "They're statement vehicles, and they're that for a manufacturer as well, and that's exactly why you see them now across luxury car lines where people have more disposable income."

Even when convertibles are available for a base price lower than $30,000, it's no guarantee they're going to stay that way for long. A 2011 Chevrolet(GM) Camaro sitting on a lot with its $29,000 MSRP price in the window is worth $33,650 once it drives off, according to Kelly Blue Book, thanks to meager supply and high demand.

"In its first year of production, the Camaro convertible has done quite well, and values are expected to remain strong through summer," says Alec Gutierrez, manager of vehicle valuation for Kelley Blue Book. "After initial demand has been satisfied, expect these values to come down from their current high."

While it doesn't help buyers in the short run, the improved climate control and roof technology going into today's convertibles is making them more practical purchases, even if they're more expensive. The $196,000 2011 Ferrari California, the Mercedes-Benz SLK Roadster and E-Class convertibles and multiple BMW models all helped usher in retractable hardtop convertibles that are trickling down to lower-priced cars such as the Chrysler 200, the Volkswagen Eos and Mazda Miata. The latter vehicle gets people under a hardtop drop-top for little more than $29,000.

With convertibles and expendable income at a premium, TheStreet turned to automobile pricing site TrueCar while digging for convertible deals. These 10 are the best TrueCar and convertible-conscious automakers had to offer: