Private Plane Ownership
Purchasing a private plane immediately opens a variety of possibilities for business owners, entrepreneurs and sport or entertainment celebrities. A private plane allows its owner to traverse vast distances quickly, and on their schedule, without the burdens and inconvenience of modern commercial airline travel. In fact, the National Business Aviation Association (NBAA) likens the use of a private plane to a “time machine allowing you to get to where you need to be directly, efficiently and at a reasonable cost.”
Time is of the Essence for the Best Market Opportunity
The supply of private planes currently on the market is high in historical perspectives, and the relatively soft demand has pushed prices of pre-owned private aircraft to all-time lows. Meanwhile, private airplane manufacturers want to keep their operation at full capacity, and they’re offering great sales incentives to buyers right now.
These recent trends have caused a modest uptick in private jet sales as buyers are taking advantage of the market oversupply. Although prices remain at near-record lows for many preowned aircraft, many expect those prices will stabilize, and perhaps even increase, as fewer new aircraft are introduced into the market over the next several years.
New Buyers are Driving Growth
Currently, approximately 10 percent of the worldwide fleet of private aircraft is for sale. That serves to keep prices down; however, the projected decrease in new private jet deliveries could bring an uptick in transaction prices on preowned aircraft, particularly over the next 2-3 years. Aviation consultants and industry professionals have also reported seeing a recent rise in the number of first time private plane buyers brought into the market by today’s bargain prices for private jets.