Published: Feb. 2, 2022 at 11:00 a.m. ET
The MarketWatch News Department was not involved in the creation of this content.
NORTH PALM BEACH, Fla., Feb. 2, 2022 /PRNewswire via COMTEX/ — NORTH PALM BEACH, Fla., Feb. 2, 2022 /PRNewswire-PRWeb/ — Anyone considering buying a pre-owned private jet in 2022 – the last year that a 100% writeoff is possible — should take their time and wait for the currently overheated market to cool and prices to drop, advises Daniel Jennings, CEO of private jet broker The Private Jet Company (TPJC). The Private Jet Company (TPJC) handles private jet sales, jet acquisition, and a wide range of private aviation consulting services to private jet buyers and sellers.
“Right now, thanks to Covid, we are seeing the tightest market for pre-owned private aircraft since 2008, with skyrocketing demand and an ever-dwindling supply of pre-owned private aircraft,” said Jennings. “Not only are prices on some makes and models up 20-30% over what they were in 2019, but we have started to see bidding wars. Many prospective buyers are simply unable to find a plane to purchase.”
Demand, fueled by the pandemic, is up not only among private high-worth individuals and corporate buyers who already own one or more planes and are looking to upgrade, but especially among first-time buyers. Jennings estimates that first-time buyers currently account for approximately 50% of those looking for aircraft costing $5 million or less.
Fleet operators, too, are now competing with individuals and corporate buyers, as the demand for private jet charters has ballooned along with Covid.
“There simply are not enough pre-owned planes to meet the demand generated by all these buyers,” said Jennings, who noted that new aircraft are not an option for the short term since most manufacturers are sold out for the next three years.
So when will the private jet market change?
“Aviation walks in lockstep with corporate profits and the economy generally,” explained Jennings. “At some point the economy will cool, and as it does, aircraft prices will begin to go down. Early 2022 is not the time to buy. The only way to successfully navigate this market is to take your time and look for opportunities. If you absolutely must buy now, look for an experienced broker who can do the best due diligence.”
For advice and information on acquiring or selling private jets:
Info@ThePrivateJetCompany.com or call (310) 980-9069
or go to https://www.ThePrivateJetCompany.com/
About The Private Jet Company (TPJC)
The Private Jet Company offers sales, acquisition, and consulting services for private aircraft in major markets throughout the world. Founded in 2005 with headquarters in North Palm Beach, FL and regional offices in Paris, France and Mexico City, Mexico, TPJC has completed over $2 billion of aviation transactions for individual and corporate owners. In addition to assisting clients buy and sell aircraft, the company works with aircraft management companies to reduce the burden of maintenance and supplement revenue through charters. TPJC also partners with aviation attorneys and tax experts to help clients maximize depreciation, reduce tax burdens, and assist in import and export Certificates of Airworthiness.
Photo caption: Demand for pre-owned private jets, such as the Citation CJ2, has soared with the pandemic.
Media Contact
Dan Jennings, The Private Jet Company, (310) 980-9069, dan@theprivatejetcompany.com
Chris Lazarus, The Private Jet Company, 503 867 1370, Chrislazarus0505@gmail.com
SOURCE The Private Jet Company
The new status symbol for China's ultra rich businessmen: a private jet. But before this fad can truly take off, authorities have to loosen up strict regulations governing the domestic airspace. By Kristine Lim ChannelNewsAsia.com SHANGHAI: China is gearing up for burgeoning growth in its business aviation market as it plans to build its...
China is Getting Easier for Business Aviation But Flight Planning Expertise Still Makes Big Difference The new status symbol for China's ultra rich businessmen: a private jet. But before this fad can truly take off, authorities have to loosen up strict regulations governing the domestic airspace. AIN ONLINE by CURT EPSTEIN With business...
July 6, 2022· Covid concerns may be easing, interest rates rising, and the stock market falling, but prospective business buyers of private jets are highly motivated to make their purchases this year because the "free ride" of 100% depreciation in the first year of use, afforded by the 2017 Tax Act, will end December 31, 2022...
Between exhausting lines at security and countless flight delays and cancellations, the concept of a “quick flight” no longer exists. In reaction, many corporations are taking matters into their own hands by investing in corporate jets to fly executives and employees on business trips. For many companies, it is the time savings that...
Private Aircraft Trends Twice as Many First-Time Buyers Looked for Private Jets at End of 2020 vs. 2019; Advice on Aircraft for First-Time Private Jet Buyers North Palm Beach, FL, February 17, 2021 – Driven by continuing concerns about Covid-19, the resulting cuts in commercial air service, and the possible end of Trump-era tax...
Increasing Use of Sustainable Aviation Fuel for Private Jets Expected to Motivate More Buyers “The development of Sustainable Aviation Fuel can help reduce solid waste, clean the air, reduce our use of fossil fuels, and lower carbon emissions, but it will also enable aviation to continue to grow on a far more sustainable basis,” said...
North Palm Beach, FL, Aug 10, 2021 – The explosive growth in the private jet charter business combined with ongoing consolidation among charter operators has created an environment where an increasing number of high-net-worth individuals and businesses are rushing to purchase their first private jet before the end of Trump-era tax...
