The number of preowned business aircraft transactions continued to climb in the first quarter with 253 deals closed in Q1, up from 239 a year earlier.
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The preowned business aircraft market was “buoyant” in the first quarter, with International Aircraft Dealers Association (IADA) accredited dealers reporting 253 closed transactions, up from 239 in the first three months of 2023, according to IADA’s First Quarter 2024 Market Report. The update also paints an optimistic outlook for the next six months.
Per IADA data, the first quarter ended with 248 aircraft under contract versus 206 in the same period a year ago. In addition, IADA dealers had 302 contracts to sell exclusively in the first quarter of 2024, significantly above the 197 in the first three months of last year. However, new acquisition agreements are lagging slightly—166 versus 149—and the number of transactions where prices were lowered climbed by 69 percent, to 88.
“At the end of the first quarter, the preowned business aircraft market is objectively healthy, with numerous signs of rebalancing after a heated sales climate,” said Phil Winters, IADA chairman and Western Aircraft v-p of aircraft sales and charter management. “The six-month projections for sales, demand, willingness to inventory and supply all continue the cautiously optimistic trends we saw in the fourth quarter of 2023, despite regional unrest and the uncertainties of a U.S. presidential election.”
About half of IADA member survey respondents expect prices and inventories to stabilize for preowned turboprops. On the business jet side, rising inventory provides “much-needed products to satisfy a clear step-change in demand for business aircraft.” The recent certification of the Gulfstream G700 is expected to deliver fresh preowned inventory into a marketplace “eager for young, highly pedigreed aircraft, especially at the top of the market,” IADA said.
IADA Reports Jump in Q1 Preowned Bizcraft Transactions
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The preowned business aircraft market was “buoyant” in the first quarter, with International Aircraft Dealers Association (IADA) accredited dealers reporting 253 closed transactions, up from 239 in the first three months of 2023, according to IADA’s First Quarter 2024 Market Report. The update also paints an optimistic outlook for the next six months.
Per IADA data, the first quarter ended with 248 aircraft under contract versus 206 in the same period a year ago. In addition, IADA dealers had 302 contracts to sell exclusively in the first quarter of 2024, significantly above the 197 in the first three months of last year. However, new acquisition agreements are lagging slightly—166 versus 149—and the number of transactions where prices were lowered climbed by 69 percent, to 88.
“At the end of the first quarter, the preowned business aircraft market is objectively healthy, with numerous signs of rebalancing after a heated sales climate,” said Phil Winters, IADA chairman and Western Aircraft v-p of aircraft sales and charter management. “The six-month projections for sales, demand, willingness to inventory and supply all continue the cautiously optimistic trends we saw in the fourth quarter of 2023.”
About half of IADA member survey respondents expect prices and inventories to stabilize for preowned turboprops. On the business jet side, rising inventory provides “much-needed products to satisfy a clear step-change in demand for business aircraft," IADA said.