BMW's New Convertible Is the 1

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Luggage space is far better than in many other convertibles. Even with the top down, the trunk has 8.5 cu. ft. of usable space (enough, BMW claims, for two golf bags), and a bit more when the top is up. The 128i convertible's rear seats don't fold down, as they do in the coupe, but there's a large pass-through between the trunk and the rear passenger compartment. There's also a storage bag that extends into the backseat area and, the company says, can accommodate a golf bag or two snowboards.

The 128i's top goes up or down automatically in just 22 seconds and can be raised or lowered when the car is under way as long as it's traveling slower than 25 mph. (I tested it many times, and it works even in a strong breeze.) It's worth considering spending the extra $1,450 for the Boston leather upholstery because it has BMW's Sun Reflective Technology. Pigments worked into the leather diminish heating of the seats, keeping surface temperature in blazing sunlight as much as 20 degrees cooler than it otherwise would be.

Because they have the same engines and mechanical guts as the 3 Series, the 128i and 135i should have about the same astonishingly good performance as the 328i and 335i. BMW says the 135i accelerates from zero to 62 mph (zero to 100 kmh) in 5.6 seconds, while the 128i is about a second slower. However, buff books such as Car and Driver contend that BMW's performance estimates are "notoriously conservative," and figure the 135i will do zero to 60 in 5 seconds or less, compared with about 6 seconds for the 128i.

I have to say that I found the 128i convertible noticeably slower than the 3 Series coupes and sedans I test-drove. I timed my test 128i with an automatic transmission at about 7.2 seconds in zero-to-60 runs, which is plenty fast for most people but about a second slower than the time I got in the 328i Coupe. Then again, I have never given the 328i convertible a full test. It may just be that the convertible versions of each model are a bit slower than the hardtops (though why that would be I'm not sure).

Otherwise, the 128i's handling is similar to that of the 328i. Steering is precise, and the suspension is sporty without being overly harsh on bumpy back roads. The Steptronic automatic transmission shifts with virtually no hesitation and can be operated in manual mode via steering-wheel-mounted paddle shifters. The driver's seat is well bolstered and holds you in place even during very fast cornering. All in all, the 128i, like the 328i, is one of the best-handling cars on the road.

Buy It or Bag It?

If you have your heart set on owning a BMW convertible, the 128i is a terrific bargain—but only in relative terms. The 128i convertible's recent average selling price, according to the Power Information Network (PIN), is $41,175, compared with just over $50,000 for the 328i convertible.

The main alternative model to consider, in my opinion, is the Audi A4 convertible. It's about the same size as the 328i, yet costs an average of $45,285, according to PIN—about four grand more than the 128i convertible and five grand less than the 328i convertible. Like the 128i, the Audi A4 has a ragtop. (Audi is a unit of Volkswagen (VOWG).) Another less expensive alternative is the Volvo C70 convertible, which has a retractable hardtop and sells for an average of $42,011. (Volvo is owned by Ford Motor (F).)

Budget shoppers may also want to consider the Ford Mustang ragtop convertible or the Volkswagen Eos. The Mustang, which sells for an average of $34,335, according to PIN, is a fun car but isn't in the same class as a BMW in terms of upscale features and handling. The VW Eos, which has a retractable hardtop, is more comparable to a BMW and sells for around $32,000.

If you can afford to splurge, however, check out the new BMW 128i before buying anything else. Dollar for dollar, BMW's 3 Series models are among the best cars I've ever driven. The 1 Series is much the same. It just comes in a smaller package.

Check out the BusinessWeek.com slide show to see more of the 2008 BMW 1 Series convertible.

Thane Peterson reviews cars for BusinessWeek.com.