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Which is why it's never been so hard to buy a big personal plane.
Amid a constant increase in start-ups across the entire business, recent discussions with the business indicate that it has been more than a decade since it was so hard to buy a quality personal jets. In fact, almost half of the jets currently sold are over 20 years old, with newer jets often being sold before they reach the mall.
In 2017, more than 2,700 corporate jets were purchased on the second-hand aircraft markets, an increase of 9% over 2016. Whereas the sale of jets in 2018 has so far fallen by 4%, there are currently only 2,350 jets on the marked, i.e. 13% less than in the previous year.
Given that consumer demands are beginning to exceed supplies in a segment that is still plagued by high production cost for manufacturers and multi-billion dollars barrier to entering the design stage, the more prestige, newer jets are going first. Over the past five years, only 1 new Falcon 7X has been offered for sale and only 3 Gulfstream G550s are on the marked from over 500 copies produced.
Ultralong-haul aircraft such as the Global 7500 now have long wait logs on which UHNWIs have gained entry to these aircraft, not many of which are available for charters. Driven by a revived US industry, by far the largest corporate aircraft segment, demand for personal jets has also risen as a result of the strong fall in fractal ownership programs, which according to industry analysts fell by nearly 22% in air travel.
Driven by buoyant consumer demands for high-quality personal jets, new start-up companies have begun to take advantage of this interest to rival the aviation and space industries. Aerion, a corporation supported by US military leader Robert Bass, recently began to sign memoranda of understanding for a $120 million commercial aircraft to be delivered in 2025.
However, despite this increase in the price of jets, the markets have divided in two, with family tree jets having powerful bonuses and increasing in value, and less expensive options remaining on the markets until they achieve good deal levels. Likewise, smaller corporate jets that have become too small for today's elite led to a second consecutive decline in shipments of Embraer Phenom 300s and Cessna Citation CJ4s in 2018.
Boeing, the US aviation and spacecraft group, decided early this week to buy Embraer worth $4.5 billion (2% of Boeing's total equity ) in a sector where the center appears to have failed, replacing it with expanding VVIP and low-wage industries. While Boeing manufactured some of the world' s biggest aircraft in outer aerspace, Embraer, located in Brazil, concentrated on smaller, local aircraft.