Top 10 Summertime Toys

Buying a car purely as a personal indulgence may be more within reach than you think. The ForbesAutos list of Top 10 Summertime Toys includes racy convertibles that start at about $20,000 and go up to more than 10 times that.

Regardless of how much you spend, owning or even just renting a roadster is a great reward. “Driving a good car is one of the few things in my life that I don’t overanalyze and worry about,” says Chicago attorney Kathleen Zellner, whose personal fleet includes a 2006 Porsche 911 Turbo and a 2003 Mercedes-Benz SL55 AMG. “It’s just something I enjoy.”

We’ve concocted a list of entertaining convertibles in a wide range of prices that serve as rolling rewards for a life well lived. Far from being rational choices, drop-tops convey a sense of freedom and emotion that no other vehicle can offer, which makes them popular choices as personal extravagances.

If price is a primary concern, there are affordable convertibles like the Mazda MX-5 Miata and Pontiac Solstice, both of which made our top 10 list of summer reward cars. The mid-range BMW Z4 and Mercedes-Benz SLK-Class step up the luxury and performance without busting a decent-sized budget. Then there are special roadsters like the Dodge Viper SRT10, Ferrari F430 Spider and extremely rare Spyker C12 LaTurbie, an automotive testament to one’s net worth and, perhaps, need for attention.

An Emotional Choice

A car can speak volumes about its driver, says Dr. Charles Kenny, a psychologist who has conducted research for the likes of General Motors, Nissan and Toyota. He says that most car purchases fill an emotional need, whether the buyer cares to admit it or not.

“Single women do not usually want to drive four-door sedans, no matter how nice or how luxurious,” says Kenny, who is president of psychology firm The Right Brain People. “They feel that driving a four-door car says to others that they are committed, taken, settled down and are older and stodgy.”

On the other hand, those who buy ultra-luxury models might expose a need for status and uniqueness, while sports car owners may seek to impart youthful exuberance and rejuvenation. “Buying, owning, being seen in and driving fast, exciting sports cars is a way for people to reassure themselves and tell others that they can in fact be in control of their impulses — like driving too fast and doing almost anything else you can imagine to excess — while still having fun, escaping and expressing themselves,” Dr. Kenny says.

Though research shows that some drop-tops, like Volkswagen’s New Beetle Convertible, tend to have a higher percentage of female buyers, the quickest and costliest convertibles attract more of a testosterone-fueled following. See our feature on the Top 10 Luxury Vehicles Driven by Men for more on this topic.

“Men are drawn to higher-priced, ‘performance’ cars, with 41 percent citing looks and design as a key consideration,” says Doug Scott, Senior VP at the market research firm GfK Automotive. Women, on the other hand, want more conservative, value-oriented models that are fun yet affordable and practical, he says.

Zellner bucks the trend. As an avid car buff, she enjoys driving her flashy and powerful Porsche and her AMG regularly. In a reluctant nod to practicality, as well as to her husband’s bird-hunting hobby, she also drives a Lexus LX 470 SUV.

“Driving sports cars is one of the things I’ve done to reward myself — it’s where I’ve allowed myself to be extravagant in an otherwise extremely disciplined and structured life,” Zellner says. “Plus, it’s a way to stand out in what is a male-dominated business — I like to show the guys I’m every bit as skilled a driver as they are, and probably more so.”

Renting Versus Owning

Fortunately for those who can’t afford (or can’t justify buying) a costly sports car, a growing rental market for upscale rides can help even those with more moderate salaries scratch the itch to feel affluent for a day.

For example, Altitude Dream Cars in Denver, Colo., will rent you a Lotus Elise for as little as $299 a day, or a Porsche Boxster for $349. If you want to make the ultimate impression, a Lamborghini Gallardo will set you back a staggering $1,395 for a 24-hour period. Still, that’s around $179,000 less than actually buying one to impress the former homecoming queen at your high school reunion. Click here to read more about exotic car rentals.

But exactly how much wealth do you have to amass before you can safely justify purchasing even a moderately priced convertible purely for the sake of enjoyment?

First, have enough money invested to fund your retirement until at least age 95, possibly even longer, says John Wasik, personal finance columnist and author of The Merchant of Power. “If a dream car purchase puts you into debt, then it's unwise,” he says. “Financing a depreciating asset is always a bad idea, but if a sports car makes you feel alive and you aren't financing the thrill with money you'll need later, then by all means you should put the pedal to the metal.”

To make this list, cars had to be convertibles with only two seats. We left out four-seaters because of their bias toward practicality under the premise that two-seat roadsters make no such pretenses — they’re the embodiment of automotive style and encourage driving purely for the sake of enjoyment. The list reflects ForbesAutos editors’ subjective opinions based on collective reporting and test-drives.

Click here to see the full list of Top 10 Summertime Toys or click here to go to the slideshow.