“July, which is usually one of the slowest months of the year for pre-owned aircraft, was actually a banner month,” said Paul Cardarelli, vice-president of sales at Jetnet LLC, a business aviation market intelligence firm. “And by the fourth quarter, there was tremendous activity.”
The interior of a mock-up Dassault Aviation SA Falcon 6X private jet is displayed during the Singapore Airshow in 2020.Industry watchers say the reason for the increase in resales and leases is no great mystery: businesses and high-net-worth individuals saw, and seized, a way to avoid the dangers and gargantuan inconvenience of commercial air travel during a pandemic.
Although owning aircraft can be logistically complex, most private jet users don’t handle the details themselves. Owners can hire management companies to oversee things such as staffing, maintenance and in-flight catering. Plus, in the United States, generous depreciation rules strengthened during the Donald Trump years allow many businesses to write off the entire price of a jet purchase in the first year.
All this speed, luxury and convenience does not come cheap. Bombardier’s Global 7500 retails in the US$75-million range. A smaller, mid-sized jet with less travel range might go for US$10-US$25 million. Light jets, which only carry a few passengers and lack the capacity to travel long distances, sell for closer to US$4-US$6 million. Those figures don’t include the cost of necessities such as fuel, maintenance and flight crew salaries.
Heard kylie Jenner just dropped 120k to fly and visit her 'friend' in hospital. An amazing young woman with the heart of gold hehehe