JetNet: Pre-owned Bizcraft Inventory Continues To Shrink
While deliveries of new business aircraft lagged significantly in the first six months of 2011 on a year-over-year basis, JetNet said pre-owned business aircraft sale transactions between January and July have actually climbed. Used business jet sales were up 11.2 percent in this seven-month period versus last year, and turboprop sales increased 3.7 percent. Further, pre-owned inventories continued to decline gradually in July, the latest month for which JetNet has data, to 13.7 percent for business jets and 10.1 percent for business turboprops versus the same month last year. This is a drop in inventories of 1.2 percent and 0.8 percent, respectively. However, average asking prices have yet to find a bottom–from January to July, average pre-owned business jet prices fell 9.2 percent year-over-year to $4.49 million, while used turboprop asking prices slid 3.8 percent to $1.276 million. Average days on the market were essentially unchanged for used business jets at 385 days, but the equivalent number for turboprops fell by 16 to 310 days, according to JetNet’s market report.