This month we are releasing our 5-Year Pre-Owned Business Aviation Market Forecast. With the impact of Covid-19 touching many lives and industries, including our own, forecasting the future has certainly been more challenging against this backdrop. However, it doesn’t mean we shouldn’t attempt to do so.

This year, we are focusing our predictions solely on the pre-owned market, an area often excluded from other industry outlooks and which is a particular strength of ours. Moreover, for the first time, our forecast is enriched by the introduction of trends from our own past transactional data and customer insights.

In our previous forecasts, we did predict a downturn. Although it has taken place sooner than we thought, we were prepared and, as a result, are in a stronger position than 2008, the last big downturn for our industry.

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10,183 Pre-owned Transactions are Predicted by 2024, representing $48.8bn in Value

Jetcraft is releasing a 5-Year Pre-Owned Business Aviation Market Forecast – including, for the first time, trends from the company’s own past transactional data and customer insights.

The latest forecast predicts pre-owned transaction volume and value will recover to steady growth during the five-year period, in spite of the challenges this year, reaching 2,271 transactions worth $11.1B annually by 2024.

Jahid Fazal-Karim, Owner and Chairman of the Board at Jetcraft, says: “Covid-19 has affected many industries, including our own. However, business aviation has started to recover and the reduction in commercial flight activity provides a real opportunity for the sector to further expand its customer base and secure long-term prosperity.

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The 2020 5-Year Pre-Owned Business Aviation Market Forecast from Jetcraft is Coming Soon. This year’s forecast will show the resilience of the business aviation industry and predict the future of pre-owned aircraft sales following the Covid-19 pandemic.  Join our News email list to be notified when it is released: https://www.jetcraft.com/subscribe/.  

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Product Overview

The super-midsized G280 is an improved G200 model by way of a 288 nm increase in range, 4,150 pounds of added MGTOW and a reduction of 210 feet in balanced field length. This improved performance is made possible through a redesigned wing based on that of the G550 model, a larger tail and upgraded engines. Other improvements include a 17-inch longer cabin, a cabin accessible baggage compartment and an advanced avionics package. The twin-engine business jet is built by IAI in Israel and completed by Gulfstream Dallas Love Airport.

As of August 2020, 15% of Gulfstream G280 aircraft were purchased pre-owned by their current owners, the other 85% new. 8.6% are for sale with the majority of those (77%) under an exclusive broker agreement. When for sale the average time on the market is 204 days.

Brief History

In 2005 Gulfstream began designing a follow-on to the G200 Model. The new model was initially named the G250 but in 2011 was renamed the Gulfstream G280. Production began in 2011 with full certification received from Israel and the US in September 2012. The Gulfstream G280 is still in production today with a total of 215 produced, 17 of which are at the manufacturer.

Worldwide Appeal

There are 198 Gulfstream G280 jets in operation today. The majority of these (195) are wholly owned with 3 in shared ownership. 19.2% are currently leased. North America has the largest percentage of wholly owned Gulfstream G280 aircraft (84%), followed by Europe (7%) and Asia (6%).

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Logan Hansen, former Jetcraft Sales Engineer
Location: Minneapolis, MN, US

How long have you been at Jetcraft?

I have been with Jetcraft since July 2019. However, prior to that, I was a summer intern in 2017.

What are your responsibilities within the global Jetcraft team?

I directly support three sales directors in North America with various tasks such as market overviews, valuations, and anything that they need help with to support our clients and move a deal forward.

Describe a typical day or week in your role.

During the pandemic, my typical day has shifted more to a remote role, but my general process remains the same. My day must start by making a cup of freshly ground pour-over coffee or else I will have a serious case of the morning grumpys. After that, I try to layout my day to figure out what needs to get accomplished to stay ahead of any deals that are progressing, followed by responding to calls and emails. After my workday has concluded, I work out with my preference towards lifting weights.

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An upsurge in demand for aircraft as we approach the year’s end isn’t unusual. But the dual influences of Covid-19 and the imminent US election have combined to make this year’s fourth quarter unlike any we’ve experienced before. The pace of business is set to skyrocket between now and year end – and with that comes the potential for closing delays beyond December 31.

Prepare now, purchase later

If you want to close in 2020, you need to start your purchase now as pre-purchase inspection slots are already filling up fast.

Many maintenance providers were forced to make changes during lockdown, resulting in modified or reduced staffing levels. Meanwhile, owners are taking advantage of the downtime to complete due or upcoming maintenance. These factors are creating capacity challenges, leaving fewer pre-buy slots and less time to close on an acquisition.

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Jetcraft is celebrating a new partnership with French sculptor Richard Orlinski with a bespoke installation at the company’s kiosk at the Nice business aviation terminal.

Richard Orlinski is a contemporary French pop artist who crafts colorful sculptures inspired by wild animals and is known for popular iconography such as skulls, King Kong and Superman. He has completed several customized collaborations including the trophy for the French Grand Prix, a watch for Hublot and exclusive designs for Lamborghini and Porsche. His collaboration with Jetcraft features his iconic King Kong sculpture holding aloft a Bombardier Global 7500.

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Product Overview

The Cessna CJ1 model is classified in the Light Jet category with six seats and an enclosed lavatory. The Citation CJ1 improved upon the original CitationJet with an updated EFIS avionics suite and an increased maximum takeoff weight. The CJ1 can be single-pilot operated.

As of June 2020, 88% of the Citation CJ1 aircraft were purchased pre-owned by their current owners, the other 12% new. 11.3% are for sale with more than half of those (64%) under an exclusive broker agreement. When for sale the average time on the market is 367 days.

Brief History

The original CitationJet (model 525) had its first flight in 1991 with FAA Certification in 1992 and then the first delivery in 1993. The Citation CJ1 was the second aircraft in the CitationJet/CJ series which replaced the original model CitationJet (CJ). It began production in 2000 and ended manufacturing in 2005. During that time, a total of 198 aircraft were produced with all but three currently in operation.

Worldwide Appeal

There are 195 Citation CJ1 business jets in operation today. The majority of these (182) are wholly owned with 13 in shared ownership. 6.2% are currently leased. North America has the largest percentage of wholly owned Citation CJ1 aircraft (62%), followed by Europe (17%) and South America (13%).

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With more than 55 years’ experience helping our customers buy and sell their private jets, we regularly talk to new people who are taking the first step into aircraft ownership.

We have many resources on our website, including a Guide to Buying and Selling and a detailed article that walks you through the acquisition process.

The Covid-19 pandemic has brought safer travel into sharp relief in recent months and we’ve received an increasing number of inquiries from first-time buyers who are looking to business aviation as the route to safe, flexible and controlled travel. Here, we answer their most frequently asked questions.

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