Used Bizcraft Inventory Falling, but Still Too High
A report released by JetNet on Tuesday 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 buyerís market for this category. Average asking prices for business jets were down by 32 percent last month versus a year ago, according to the JetNet data. 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 by JetNet rose 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.