Bad news for fans of drop top muscle cars: according to multiple sources, the Dodge Challenger Convertible has been canceled and the Chevy Camaro Convertible delayed for at least a year. Luckily Ford will be showing a 2010 Ford Mustang Convertible at next week’s LA Auto Show, with sales scheduled to start in Spring ’09.

Chrysler and GM’s decisions to respectively kill and delay the ultimate poser’s cars, convertible muscle cars were made for the same reason: money. The unibody Challenger is, unbelievably, not originally engineered to lose its top. So engineering a model capable of retaining its rigidity is, due to the financiapocalypse, now considered wayyy to expensive. Speaking to Motor Trend, a company insider described the Challenger convertible as, “dead as a doornail.” Bankruptcy-imminent GM simply can’t afford to roll out its 2010 Chevy Camaro convertible, even though plans for it were built in from the beginning. It’ll need to wait until the company either secures a massive loan, gets bought by the Chinese or sees significant profits from other products that have already been postponed before it can afford to put the Camaro convertible into production. All this leaves the 2010 Ford Mustang sitting pretty. In addition to the convertible, they’ll show glass roof and coupe versions in LA, all of which go on sale next year. [via MotorTrend]