{"id":275555,"date":"2021-06-15T20:59:54","date_gmt":"2021-06-15T17:59:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/pre-owned-business-jet-shortage-lifts-private-plane-sales\/"},"modified":"2021-06-15T20:59:54","modified_gmt":"2021-06-15T17:59:54","slug":"pre-owned-business-jet-shortage-lifts-private-plane-sales","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/pre-owned-business-jet-shortage-lifts-private-plane-sales\/","title":{"rendered":"#Pre-owned business jet shortage lifts private plane sales"},"content":{"rendered":"

“#Pre-owned business jet shortage lifts private plane sales<\/strong>”<\/p>\n

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A shortage of newer-model business\u00a0jets\u00a0is driving up prices of second-hand aircraft, a trend that is expected to deliver a windfall for luxury planemakers as new affluent buyers enter the market.<\/p>\n

After a turbulent 2020 due to COVID-19, the rush toward private transport is so marked that some buyers are snapp<\/a>ing up second-hand planes before fully inspecting the wares as the market shifts toward sellers, lawyers and brokers said.<\/p>\n

That is expected to push up demand for new\u00a0jets\u00a0from planemakers like General<\/a> Dynamics Corp\u2019s Gulfstream, Textron and Bombardier since buyers have fewer pre-owned options, and the price gap between old and new narrows.<\/p>\n

\u201cThere are virtually no young pre-owned aircraft available \u2014 good news<\/a> for would-be sellers and for [planemakers],\u201d said aviation analyst Rolland Vincent.<\/p>\n

He recalled one trucking company\u2019s recent search for a pre-owned Gulfstream jet: \u201cThere was one aircraft in the world that fit their requirements.\u201d<\/p>\n

Traffic from business\u00a0jets, which carry roughly a handful to 19 travel<\/a>ers, has rebounded to pre-pandemic levels in the United States, the world\u2019s largest market for private aviation, according to FlightAware data.<\/p>\n

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\"A
The uptick in business jet sales encompasses used and new planes.<\/figcaption>
Universal Images Group via Getty<\/span><\/figcaption><\/figure>\n<\/div>\n

\u201cOn the pre-owned side, inventory appears to be fairly low, and that\u2019s always a benefit to new aircraft sales,\u201d said Scott Neal, senior vice president worldwide sales, Gulfstream.<\/p>\n

\u201cWe are seeing strong interest across the board from first-time buyers and high net worth individuals as well as corporate customers with a desire to grow their fleets.\u201d<\/p>\n

Textron in April raised its full-year profit forecast, propelled by a rebound in business jet demand.<\/p>\n

But since COVID-19, buyers have been shifting to private aviation to avoid airport crowds and coronavirus variants. Applegate said some deals are so competitive she\u2019s seen buyers give up pre-purchase inspections to win them.<\/p>\n

Don Dwyer, managing partner at Guardian Jet, which does aircraft brokerage, appraisals, and consulting, recalled one case where a client didn\u2019t undertake a pre-purchase inspection, which can take more than a month to complete.<\/p>\n

The trend could encourage some planemakers to increase production rates, although any ramp-up would hinge on supply chain capabilities, Vincent said.<\/p>\n

Planemakers do not disclose total number of orders.<\/p>\n

Preowned aircraft for sale in May accounted for 6.6 percent of the worldwide fleet, the lowest level recorded in 25 years by JETNET data, Vincent said.<\/p>\n

He said 864 pre-owned business\u00a0jets\u00a0sold during the first four months of 2021, up 36 percent from the same period last year.<\/p>\n

\u201cThere are multiple offers on planes,\u201d said Florida-based aviation attorney Stewart Lapayowker, founder of Lapayowker Jet Counsel PA.<\/p>\n

Amanda Applegate, a partner at Aerlex Law Group, said she handled more deals for new\u00a0jets\u00a0than usual in May, as buyers fail to secure popular pre-owned planes like the G650, raising prices.<\/p>\n

\"A
Textron is one of the business jet manufacturers expected to benefit from the boom.<\/figcaption>
SOPA Images\/LightRocket via Gett<\/span><\/figcaption><\/figure>\n

Applegate said it\u2019s a case of pent-up demand as some wealthy travelers previously avoided private\u00a0jets\u00a0due to concerns like \u201cflight shaming\u201d over the environment. Corporate planes burn more fuel per passenger than commercial.<\/p>\n

It was a particular case since the plane was highly coveted, in good shape based on a visual inspection, and the seller was reputable, Dwyer said.<\/p>\n

\u201cI don\u2019t recommend it, but in certain situations it can work.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Pre-owned business jet shortage lifts private plane sales” A shortage of newer-model business\u00a0jets\u00a0is driving up prices of second-hand aircraft, a trend that is expected to deliver a windfall for luxury planemakers as new affluent buyers enter the market. After a turbulent 2020 due to COVID-19, the rush toward private transport is so marked that some…<\/p>\n","protected":false},"author":1,"featured_media":275556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/06\/sized-gulfstream-jet.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[109416,71812,109525],"class_list":["post-275555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-15-21","tag-airplanes","tag-private-aviation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/275555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=275555"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/275555\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/275556"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=275555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=275555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=275555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}