Convertibles always come with trade-offs. They're noisy and drafty, even with the top up. They're cramped. Map lights and other conveniences don't usually work on a retractable roof. Then there's the risk of leaks.

Volvo wants to take the compromise out of the convertible, which must be what happens when you build a drop-top in Scandinavia. The latest trend in convertibles has been retractable hardtops–rather than ragtops—and the C70 pushes that a step further. With the top up, it's hard to tell the C70 is even a convertible. The metal roof meshes right into the body, with nary a visible seam. It seals so tight that there's no more wind noise on the highway than if you were in an entry-level Lexus or Audi. Then, when the sun comes out and the fresh air beckons, the roof powers itself into the trunk at the touch of a single button. I was asked to demonstrate this feature in a couple of New York City parking garages—where the attendants know their fancy cars, if only from driving them up and down the ramps. "Wow, that's even cooler than the Mercedes," cooed one gawker, placing the C70 above the gorgeous CLK Cabriolet in the convertible hierarchy.

I tend to judge luxury cars harshly—for the equivalent of a down payment on a house, you darn well ought to be able to build an impressive machine. But Volvo has packed so many refinements into the C70 that it seems like a great value at about $40,000. For one thing, it's a four-seater, which helps justify a midlife splurge without forsaking the family. Volvo has found a way to build side-curtain air bags into the doorsills—usually they deploy from the headliner—so you don't have to forgo this important safety technology just because the roof goes down. Another safety feature automatically deploys roll bars if the car is on the verge of flipping. That's in addition to a zippy, turbocharged five-cylinder engine and great, sporty handling. Nor has Volvo cut corners on the interior. Most of the familiar power and electronic features come standard, with niceties such as heated mirrors, brushed-aluminum inlays, and Volvo's funky new backless central dashboard stack. It makes you wonder why every car isn't a convertible.