After another year of on and off again lockdowns, many prospective boat owners may be thinking twice about whether or not this upcoming season is going to be worth investing in a new boat to enjoy. Will you have enough opportunities to get out on the water and actually enjoy boating this summer? There are numerous factors which will come into play which we take a look.
First up, as vaccination targets are reached and restrictions lifted, widespread lockdowns should become a thing of the past. For boat owners, a lockdown-free world should mean freedom to get out on the water and go boating!
After extensive lockdowns many of us can’t wait to fully enjoy our outdoor time in coming months. And what better way to do that but on your own boat. Let’s take a look at what else might influence your decision to purchase your first boat or upgrade your existing vessel at this time.
Seasonal Weather Outlook: BOM
The Bureau of Meteorology (BOM) issue regular outlooks on weather and climate drivers which are forecast to influence Australia’s weather in the upcoming season. In early September, they issued their outlook for the October through January period. That’s boating season, so it’s worth taking a look at what may be expected in your region. Full details can be seen at http://www.bom.gov.au/climate/ahead/outlooks but we’ve captured a few key points.
- Climate influences: the Indian Ocean Dipole has weakened and the El Nino Southern Oscillation is neutral. Models indicate a further cooling is likely in the tropical Pacific over the coming months. There is around a 50% chance that La Nina is forming.
- Southern Annular Mode (SAM) is likely continue as positive and these conditions typically bring wetter weather in eastern Australia but possibly drier in western Tasmania. For the October through December period, it is likely that the eastern 2/3rds of the country will see above median rainfall while western Tasmania and parts of northern WA will be below median.
- Temperature-wise, from the northern tropics through to the far S-E regions and central WA, maximums are likely to reach above the median. Cooler temps for southern areas of WA and for the eastern parts of the country.
Reviewing the weather outlook for your region and the suitability for the boating activities you like to enjoy may assist in the type of boat you consider. With higher rainfall expected in some regions, opting for a bimini top or a cabin or half-cabin model could be on the cards.
Cheap Interest Rate Climate
Apart from the weather climate, the lending climate may be a significant influence on boat buying decisions. Currently there is a historic low interest rate climate prevailing which enables us to continue delivering better interest rate boat loans.
Based on the most recent decisions by the RBA Board, it could be expected that the RBA would not be moving on interest rates until around 2024.
To see how our current low boat loan interest rates may convert to repayments on a loan for the boat you are considering, please feel free to use our boat loan calculators.
Stock Availability – Deals and Offers
The availability situation may be a key buying driver for boat purchasers this season. It’s been an interesting to say the least time for marine dealers and boat manufacturers. The COVID-19 pandemic has without doubt wreaked havoc. In Australia it led to a spike in demand for boats which resulted in shortages across many categories. Globally, a microprocessor chip shortage continues to cause disruption to supply chains for components. This may flow on to delays in production for some manufacturers.
Added to that has been the cancellation of many boat shows through both 2020 and 2021. Particularly the 2021 cancellations have been significant. Many boat manufacturers look to these events to showcase and take orders for new models. Dealers have had less opportunities to showcase new models and with dealerships closed due to lockdown, less opportunities to sell direct to the public in person. While stock has been low in some categories, others may be wanting to move stock quickly.
These factors may mean deals are there to be captured by savvy buyers. If approaching discussions with a boat dealer, speak with us first about a pre-approved loan so you are ready to order on the spot.
Get a Boat Loan Quote
If finance is the deciding factor in your boat purchase verdict, the easiest and quickest way to resolve that may be to get a boat loan approval. Our consultants are available to provide quick quotes and fast approvals on pre-approved boat loans for all types of boats.
A pre-approved loan can be sought based on a rough idea of how much the applicant intends to spend on the new boat loan. So you don’t have to have the specific vessel in mind in order to find out how much you are approved to borrow and what your estimated repayments would be.
So after considering a number of possible drivers, is this the year for you to own a boat?
Contact Jade Boat Loans on 1300 000 003 for a boat loan quote so you can be boating this season.
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.