Long time motorbike enthusiasts are well aware of the enjoyment and benefits of the two-wheel riding experience. But sales figures of motorcycles over the past year appear to show that many others are also catching onto the idea that 2 wheels may be preferable to 4. Sales of motorcycles and off highway vehicles showed exceptional growth in 2020. This trend has been attributed to a number of factors including COVID-19. During the peak periods of the pandemic, some state governments were encouraging people to drive rather than to use public transport to minimise the risk of virus outbreaks. Many individuals saw it as a safer option and a motorbike as an economical mode of transport.
What was also significant was no doubt the historic low interest rates across the lending sector. While Jade Bike Loans always specialises in cheap interest rate loans, the current low rate environment has definitely assisted us to go even lower. Great news for our customers.
Bike Sales Stats
While the surge in bike sales in 2020 may be partially attributed to the COVID-19 effect, the upward trend in sales has continued into 2021 as the pandemic has slowed in Australia. Go figure! As keen followers of the motorbike market, we can see many buyers opting to purchase a new bike for touring and travel as many other holiday options including international travel are off the agenda for now.
The sales figures for the first quarter, January through March, of 2021 show a 51.6% increase on the same 2020 period. Comparing year to date figures, YTD 2020 compared with YTD 2021, off road motorbike sales are up 88.9% and road bikes up 20.9%.
The automotive industry’s peak body, the FCAI on releasing the latest figures commented that the sales results indicated a further reinforcing of this type of transport as a favoured option. They also stated it reflected confidence in the Australian economy as consumers utilised their disposable income. Noting many first time motorcycle buyers and a continuation of people seeing motorcycle riding as a great recreation post-pandemic. More information on FCAI Motorbike Industry figures.
What and When to Buy
These sales figures auger well both for local motorcycle dealers and for those us in the motorbike lending market. For buyers it’s a matter of what motorcycle to buy and when is the best time to buy. The choice of new models on the market is incredible. The calendar of 2021 releases is jam-packed with manufacturers clearly eager to make up for any delivery delays experienced in 2020 as a result of COVID-19.
We’ve highlighted many of the new motorbike releases in our articles and we’ve just spied another announcement we consider well worth a mention. The release of a special limited edition Triumph Scrambler 1200 – the Steve McQueen Edition. Is there any motorbike enthusiast who doesn’t recall that infamous scene in The Great Escape movie where Steve McQueen jumps over the barbed wire POW camp fence on a TR6?
This special edition Triumph pays due homage to that iconic movie scene. But alas, only a few will have the chance to purchase the special edition model as only 1000 will be available globally. Sorry, we have not sourced any specific news of when it will be in Australia or how many but word has it that the new Scrambler 1200 range is due on here in June.
If you want to secure your Steve McQueen edition or another in the new line-up, speak with us ASAP about a pre-approved secured motorcycle loan. More on the 1200 range in future articles.
Timing to buy will depend on your personal arrangements but EOFY sale time is approaching. Some motorcycle dealers will no doubt get on this annual price-cutting bandwagon and offer deals to attract buyers. Not all latest models go on sale but if price is a deciding factor for you, it can be a great time to pick up a great price reduction. If you’re a business buyer that is if your motorbike is for business purposes and being acquired through your business entity, there may be tax benefits to be realised in purchasing before 30 June.
Interest Rates Update
If affordability is your key priority as it is for most buyers, then sourcing the cheapest motorbike loan will be your mission. A cheap loan starts with the lowest interest rates and you’ll find those right here. Jade Bike Loans is renowned for our competitive bike loan interest rates and thanks to the current interest rate scenario, our rates are at the lowest ever.
Interest rates on lending across the financial service sector are determined predominantly by the official cash rate. That’s the rate that the banks and other lenders essentially pay to acquire the funds to lend out. The official cash rate is set by the Reserve Bank of Australia and at their April board meeting, the RBA kept the rate at the historic low level.
In announcing the April rate decision, the RBA statement outlined the reasoning behind the decision and gave indications of what changes in the economy they would be seeking before considering an increase in rates. Any rate increase may be as far out as 2024.
But for now, in 2021, our interest rate on our Secured Bike Loan is extremely loan which can make the bike of your dreams extremely affordable. Head to our motorbike loan repayment calculator to see how affordable or just give us a call and commence the loan application process.
For a lending quote on any model, call 1300 000 003 today.
DISCLAIMER: IN REGARD TO ANY ERRORS OR MISREPRESENTATIONS IN THIS MATERIAL, NO LIABILITY IS ACCEPTED. THE DETAILS, CONTENT AND DATA ARE PRESENTED PURELY FOR GENERAL INFORMATIONAL PURPOSES FOR MOTORBIKE BUYERS AND THOSE SEEKING MOTORCYCLE LOANS. THIS IS NOT INENDED AS THE SOLE SOURCE OF INFORMATION FOR FINANCIAL DECISIONS. IF SPECIFIC ADVICE IS REQUIRED AROUND FINANCIAL DECISIONS, READERS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.
