Inventories of pre-owned business jets and turboprops continued to edge downward in March, according to the latest figures from business aviation market information firm JetNet. While turboprops are a seller’s market, for business jets “it’s still a buyer’s market, with ample inventory at near-low average asking prices,” the company said.
Pre-owned business jet inventory in March landed at 13.1 percent of the in-service fleet, down 0.7 points from a year ago. However, used business jets made a slow start in the first quarter, with a 4.2-percent decrease in pre-owned sale transactions, at 526 during March. Pre-owned jets are also taking more time to sell–71 days longer–than last year, averaging 403 days on the market, while average asking prices decreased by 3.3 percent, to slightly more than $4 million.
The number of business turboprops for sale continued further downward, with this inventory now at 7.8 percent, down 1.4 points from March last year. Though sales dipped by 8.8 percent, to 300 transactions, during March, average asking prices still climbed by 18.7 percent, to $1.559 million. Average days on the market for used turboprops crept up by 20 days to 296, JetNet said.