First time Buyers Boosting Used Business Aircraft Market
Trade brokerage Jetcraft, which both advises clients on purchases and has its own inventory of aircraft, has said that the number of their clients who are first-time owners has doubled since COVID-19 started becoming a large issue around March.
“There has been a remarkable surge in those buying for the first time since Covid,” says President Chad Anderson. “People seem to be taking the view that they don’t want to expose their family or employees to any risk. And once they taste ownership they seldom go back.”
In a normal year, 5-10% of transactions at Jetcraft would be from first-timers, but now in 2020, it’s been double that.
Reduced airline schedules and worried about the virus may have been the turning point for many clients to make the decision to invest in their own private aircraft.
Demand for midsize and super-midsize aircraft have held up during the pandemic, but larger aircraft have taken the biggest hit in value. This is due to intercontinental travel being hindered by the pandemic restrictions across the globe.
Anderson keeps a “glass-half-full” outlook on things, noting that the industry should return back to a more balanced mix of longer-ranged aircraft as in the next couple of years.
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