Navigating the Luxury Jet Resale Market: Maximizing Returns for Jet Owners
If you thought buying a jet was tough, wait until you try reselling one! But no worries, I'm here to guide you through this tricky business. When it comes to reselling luxury jets, there are no 'seatbelts fastened' signs. So, buckle up for this wild ride (pun intended!).
The Luxury Jet Market – A Quick Look
The demand for privately owned luxury aircraft has seen substantial growth over the years. According to a report from Jet Craft, the pre-owned business jet transaction volume increased by 9% in 2017. However, the trade winds in this business blow both ways. Navigating through this market can feel like meandering through a cloud of complexities. Let's push the cockpit's pause button and discuss a few pressing concerns that attack the resale value of luxury jets.
Fighting Depreciation
Like a Bentley or a Rolls-Royce, a luxury jet is a depreciating asset. According to Vref, a leading source for aircraft values, aircraft can lose up to 10% of their value each year. And no, unfortunately, crying about it doesn't make it any better.
The Maintenance Record – Your Aircraft's Report Card
A well-maintained aircraft is a primary concern for its future owners. It's like bringing your spouse's disapproving parent for a ride - they are going to inspect everything. So, keep these maintenance records clean and well-documented. After all, a haphazardly kept record can turn a costly plane even costlier for the new owner.
Understanding the Market – Know Your Buyer
While aiming to resell your aircraft, understanding the buyer is paramount. There's an old saying that goes, 'Never try to sell a Cessna to a Gulfstream guy'. Okay, I made that up. But it's true, every buyer is different, and you need to approach them with a tailored pitch.
Engaging a Resale Broker – Pilot Your Profit
Involve a professional resale broker for your luxury aircraft. Think of them as your airplane's real estate agent. Having a broker can enhance the value of your aircraft and provide access to a wider network of potential buyers. Just make sure they don't also moonlight as a stand-up comedian like me, or you'll get more jokes and fewer sales!
Wherever you are in the process, remember that the goal is to maximize your return. And although you might be parting from your luxury bird, knowing you got a good bargain can help lessen the blow. Safe travels and good deals!
