Private plane sales are taking off as pandemic clamps down on travel industry

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Businesses and high\u002Dnet\u002Dworth individuals have seized a way to avoid the dangers and gargantuan inconvenience of commercial air travel

“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.

 

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Heard kylie Jenner just dropped 120k to fly and visit her 'friend' in hospital. An amazing young woman with the heart of gold hehehe

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