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July 2010: Used Bizcraft Inventory Falling, but Still Too High
It shows that the number of pre-owned business jets and turboprops on the market last month fell by more than 7 percent on a year-over-year basis. But inventory as a percentage of in-service aircraft still remains high for business jets at 15.3 percent (2,674 aircraft), and while down 2.1 percent from May 2009 this still indicates a buyer’s market for this category. Average asking prices for business jets were down by 32 percent last month versus a year ago. Business jet transactions rose 12.7 percent from May 2009, but it seems that older inventory is languishing as average days on the market skyrocketed by 72 percent, to 363 days. Turboprops, meanwhile, continued their march toward more normal inventories, settling at 10.8 percent last month (1,366 aircraft), which was 1.2 percentage points lower than in the same month last year. Used turboprop transactions recorded 12.3 percent year-over-year, though asking prices still slid steeply by 42.8 percent. Average number of days on the market for pre-owned turboprops during this period increased by 90 days, to 338.
Used Aircraft Market Shows Signs of Better Days Ahead
PRE-OWNED AIRCRAFT
Finally, the pre-owned aircraft market moved in a positive direction in the first quarter of
2010. Late-model, large-cabin, long-range aircraft were selling at or better than values published in the Aircraft Bluebook. External factors such as increased sales, a slight decline of available inventory and worldmarket competition could all be considered causes for the improvement. Although this early indication of a slow recovery is in progress, it is too early to celebrate. Any positive sign going forward is far better than where the used aircraft market has been. With the exception of the late-model, large-cabin class, most of the other business aircraft are not yet recovering in value. The good news is that values are showing more stability. Market activity is on the rise leaving a more optimistic perception that values
are not exposed to the risks experienced in the last twenty months.
A couple considerations might be affecting values in the pre-owned aircraft market. The
first is available credit for qualified buyers, and the second is the price of fuel. Part of the
dilemma that played a major role in an injured economy was the lack of finance. Now,
aircraft lenders are able to enablemore transactions. This new reality will move the aircraft
market into better days. At the same time, credit could indicate how aircraft values
will rebound as elements of risks financial institutions are willing to takewill have an indirect
impact on value. Energy and the price of crude oil is the other factor that will impact
further recovery. As long as there are no surprising jumps in the price of crude oil in a limited time frame, the aircraft market will be able to absorb the daily fluctuations in oil
prices and prevent the cost of fuel from becoming a deterrent in this industry’s recovery.
Jet
As reported above, late-model, large-cabin aircraft are retaining value. Select
Gulfstream G550s were up $1 million with the remainder of these aircraft holding steady
in value. The Gulfstream G-V market remained unchanged. The G-IV values were off
an average of $500,000. Bombardier Global Express and the Global 5000 also held steady
while inventories for sale decreased. The Bombardier Lear 45 series was off $200,000
on average. The Cessna Citation Excel series was down an average of $200,000 as well.
Light jets such as the Beech Premier were off an average of $200,000. The Hawker 400 was
down $100,000. The Citation 525 was off slightly as well.
Turboprop
The ag market values improved slightly when compared to the previous quarter.
2010 SUMMER 1 Vol. 23 No. 2 Late-model Beechcraft King Airs remained
stable. Earlier models generally also held on, though some models trended downward. Reduction in production for the King Air series might have some positive benefits. In time,
limited production could cause limited inventories for sale in the pre-owned market,
which would then cause values to strengthen. The Cessna Conquest was stable
for yet another quarter. The Piper Meriden was down $50,000.
Total Aircraft on the Market
Tagesaktueller Dollarkurs mit Rückblick auf die letzten 12 Monate:
It shows that the number of pre-owned business jets and turboprops on the market last month fell by more than 7 percent on a year-over-year basis. But inventory as a percentage of in-service aircraft still remains high for business jets at 15.3 percent (2,674 aircraft), and while down 2.1 percent from May 2009 this still indicates a buyer’s market for this category. Average asking prices for business jets were down by 32 percent last month versus a year ago. Business jet transactions rose 12.7 percent from May 2009, but it seems that older inventory is languishing as average days on the market skyrocketed by 72 percent, to 363 days. Turboprops, meanwhile, continued their march toward more normal inventories, settling at 10.8 percent last month (1,366 aircraft), which was 1.2 percentage points lower than in the same month last year. Used turboprop transactions recorded 12.3 percent year-over-year, though asking prices still slid steeply by 42.8 percent. Average number of days on the market for pre-owned turboprops during this period increased by 90 days, to 338.
Used Aircraft Market Shows Signs of Better Days Ahead
PRE-OWNED AIRCRAFT
Finally, the pre-owned aircraft market moved in a positive direction in the first quarter of
2010. Late-model, large-cabin, long-range aircraft were selling at or better than values published in the Aircraft Bluebook. External factors such as increased sales, a slight decline of available inventory and worldmarket competition could all be considered causes for the improvement. Although this early indication of a slow recovery is in progress, it is too early to celebrate. Any positive sign going forward is far better than where the used aircraft market has been. With the exception of the late-model, large-cabin class, most of the other business aircraft are not yet recovering in value. The good news is that values are showing more stability. Market activity is on the rise leaving a more optimistic perception that values
are not exposed to the risks experienced in the last twenty months.
A couple considerations might be affecting values in the pre-owned aircraft market. The
first is available credit for qualified buyers, and the second is the price of fuel. Part of the
dilemma that played a major role in an injured economy was the lack of finance. Now,
aircraft lenders are able to enablemore transactions. This new reality will move the aircraft
market into better days. At the same time, credit could indicate how aircraft values
will rebound as elements of risks financial institutions are willing to takewill have an indirect
impact on value. Energy and the price of crude oil is the other factor that will impact
further recovery. As long as there are no surprising jumps in the price of crude oil in a limited time frame, the aircraft market will be able to absorb the daily fluctuations in oil
prices and prevent the cost of fuel from becoming a deterrent in this industry’s recovery.
Jet
As reported above, late-model, large-cabin aircraft are retaining value. Select
Gulfstream G550s were up $1 million with the remainder of these aircraft holding steady
in value. The Gulfstream G-V market remained unchanged. The G-IV values were off
an average of $500,000. Bombardier Global Express and the Global 5000 also held steady
while inventories for sale decreased. The Bombardier Lear 45 series was off $200,000
on average. The Cessna Citation Excel series was down an average of $200,000 as well.
Light jets such as the Beech Premier were off an average of $200,000. The Hawker 400 was
down $100,000. The Citation 525 was off slightly as well.
Turboprop
The ag market values improved slightly when compared to the previous quarter.
2010 SUMMER 1 Vol. 23 No. 2 Late-model Beechcraft King Airs remained
stable. Earlier models generally also held on, though some models trended downward. Reduction in production for the King Air series might have some positive benefits. In time,
limited production could cause limited inventories for sale in the pre-owned market,
which would then cause values to strengthen. The Cessna Conquest was stable
for yet another quarter. The Piper Meriden was down $50,000.
Total Aircraft on the Market
Tagesaktueller Dollarkurs mit Rückblick auf die letzten 12 Monate:
