Sales of pre-owned business jets “showed a slow start” during the first seven months of this year, according to the latest data from business aviation market information firm JetNet.
That said, the inventory of used business jets continues its downward march, settling at 13.1 percent of the in-service fleet at the end of July–a 0.4-point decrease from a year ago. Sales transactions, however, are down 6.4 percent year-over-year, while the average time on the market climbed by 36 days, to 411. Defying these two negatives, the asking prices for pre-owned business jets surged by 11 percent, to $4.952 million, marking the third consecutive month this year with an increase in the year-to-date average asking price.
Meanwhile, the pre-owned turboprop inventory remains low at 7.7 percent, down from 8.9 percent in the same period a year ago. Despite this “seller’s market,” business turboprop sale transactions fell 6.2 percent in July, while average asking prices dived by 27.8 percent, to $1.375 million. Paradoxically, the average number of days on the market for used turboprops dropped by 34, to 313 days.