Motorbike finance BMW

Thinking of buying a motorcycle?

Motorbikes are a sought-after asset in Australia, spanning across a variety of categories, including leisure, commercial, and consumer.

Thinking of buying a motorbike? In this short article we take a look at the motorbike landscape in Australia, sale numbers, rates, and some quick tips when buying a motorbike. Read on for some helpful info!

The motorbike landscape in Australia

As we’ve seen with vehicles across the board, motorbikes are experiencing strong demand as evident in 2021’s 13.4% rise from 2020.

The Federal Chamber of Automotive Industries (FCAI) tells us, off-road motorbikes recorded 53,118 units sold in 2021, up 18.8% from 2020.

In 2021, 37,270 road motorcycles were sold, an increase of 6.8% from the previous year.

Scooter sales were also up by 8.1% from 2020 after recording 4,812 units sold in 2021.

It’s worth noting, scooters (or mopeds) in Australia are classified as having engines no larger than 50cc and traveling no faster than 50KPH.

Here are sales numbers over the last several years:

Motorbike sales in Australia

 

A glance at prices

The most popular motorbike brands in Australia (from 2021 sales) are Honda, Yamaha and Kawasaki – in that order.

The Yamaha WR450F retails for around $16,500 and the KTM 500 EXC-F costs around $18,000. Off-road bike sales accounted for 43% of all bike sales in 2021.

 Yamaha WR450F motorbike

Road bikes, representing 30.17% of all units sold in 2021, highlighted that Harley-Davidson’s Breakout is Australia’s top seller in this category. The Breakout retails at just over $36,000 new.

Harley Davidson Breakout

Motorbike finance

As motorbikes have become increasingly popular, we have recognized the importance of offering bike finance at Finestream. If you are interested in financing a motorbike, here are some trends we have noticed.

Finance options on motorbikes vary depending on the bike and the borrower’s overall profile.

Here’s a broad look at possible rates for your scenario:

  • New motorbike / asset backed / stable income with considerable surplus / excellent credit score (700+): From 5%
  • Motorbike 0-3 years old / asset backed / stable income / average credit score (550): From 6%
  • 5+ year old motorbike / renting / part-time work / low credit score (400 and below): From 8%

It’s important to remember that interest rates vary from person to person and are influenced by a number of factors. Chat to us today to get a closer look at rates and explore what you could borrow to buy the bike of your dreams!

Quick tips on buying a motorcycle

  • Safety

Safety is a key element to think about. Is the bike suitable for your situation and lifestyle? A second-hand bike may cause greater safety risks than a brand new bike. Undergo all of the correct safety checks before purchasing your bike.

  • Your experience level and type of riding

Your experience level should give you an indication of the type of bike you should be looking at when buying a motorcycle. What type of riding will you be doing? On-road or off-road? Make sure you choose a bike that complements your skills and needs, whether they are sports bikes or lifestyle models.

  • Accessories

Don’t forget to factor in the cost of other items you might need along with your bike. Remember things like a helmet, jacket, gloves, rain and weather gear, boots and dedicated eye gear if you need it. All of this doesn’t come cheap, so make sure you shop around.

  • Take your time

It is important not to get carried away and rush into any decisions when you are buying a motorcycle, as this could otherwise end up being a costly or even dangerous mistake. Respect that these are powerful machines and safety should be paramount. In addition to this, do your research before buying a motorcycle due to the variety of factors that need to be considered.

Are you ready to buy a bike? Contact us today. we will work with you to ensure that you get the absolute best loan for your situation. We’ll do the leg work for you, saving you time and money, the application process is simple and approvals are quick. Get the bike of your dreams today!