Published: Feb. 2, 2022 at 11:00 a.m. ET
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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.
“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.”
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.
Dan Jennings, The Private Jet Company, (310) 980-9069, email@example.com
Chris Lazarus, The Private Jet Company, 503 867 1370, Chrislazarus0505@gmail.com
SOURCE The Private Jet Company