Rich execs seek pre-loved private planes in growing numbers
And while sales remain weak, at 676 jets in 2017, the dearth of inexpensive near-new aircraft is beginning to drive buyers to purchase new planes
Dallas — If anyone is looking for further evidence of a strong economy, here’s a sign: wealthy individuals and companies are starting to snap up used private jets before they get too expensive. Take Steven Meyers. A private-equity financier and a licensed pilot, Meyers had been patiently looking to buy a jet for years. But when he began noticing a drop in the number of aircraft for sale a few months ago, he moved quickly to buy a Cessna CJ2. (Meyers would not say how much he paid, but the 2002 model he bought is listed at about $2.4m). "On this particular airplane," said Meyers, who runs Los Angeles-based Dolphin Capital Holdings, "I probably would have made a worse deal if I had waited." The private-jet business collapsed after the 2008 recession as companies scaled back on travel to cut costs. Prices had been driven to astronomical levels in the earlier boom and too many aircraft were built. When the crash came, pre-owned aircraft lost value at a dizzying pace. But now buyers are ...
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